S&P 500 E-mini 20th December 2011 Daily recap

Because of the December 50% level support, I favour a move upwards. 5-day 50% level is the trend guide on whether price continues up into Tuesday's highs

5-day range is also tightening up, therefore there is a possibility of a breakout over the next 2-days

S&P Weekly and Daily range…..

As noted in Monday’s report:- S&P support @ 1198/1200.
which could result in a swing back towards the Weekly 50% levels (2-day rise)

Today’s trading aligned with the higher timeframe support patterns, along with the levels in the daily range @ 1203 and then the 50% level @ 1209

The tightening of the 5-day range has resulted in a breakout and a continuation back towards the Weekly 50% level (1231.50 2-day rise).

The rest of this week will be define by the Weekly 50% level, and whether the trend continue to move up towards the Weekly highs by Friday.

Short-term, there is a break and extend pattern in the daily cycle (Tuesday high breakout @ 1224.50, therefore there’s an expectation of higher highs on Wednesday.



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