S&P 500 E-mini futures 9th November 2011 Daily recap

the 4th quarterly 50% level @ 1274.50 has stalled price from rising.

If below 1270.50 could see a 1-day reversal pattern and a lower daily close.

First target 1260.

S&P Weekly and daily cycle

As noted in the Weekly report, the Quarterly 50% level @ 1274.50 is a major resistance level, and Tuesday's highs stalled at that level, and once Wednesday was back inside the weekly level @ 1270.50 the trend bias was down.

First target was reached @ 1260 for Aussie traders....

And then the Weekly 50% level @ 1236.50 (& channel lows @ 1238) provided random support of 8.5+ points…

Sadly the bounce off 1236.50 didn't reach the 5-day 50% level @ 1253, as this was the next resistance level...

with the expectation that the trend was continuing down towards a lower daily close. (Wednesday's lows @ 1222)


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