S&P 500 E-mini 28th December 2011 Daily recap



Yesterday's small range is now forming a NO CONTROL pattern, where the opening and closing price is in the middle of the range.

This pattern often leads with a TRENDING day on the next day. Because of the current price action my view is that TRENDING day will be DOWN...using the Weekly level @ 1264 as resistance:- target the Weekly 50% levels.

We also have a Weekly DROP pattern, where the forward Weekly high drops below the current Weekly high, this can also lead to weakness.

Random support blue channel highs @ 1255

S&P Weekly and Daily range.

Weekly level @ 1264 formed resistance.

1255 formed random support of 8.5 points, but then continued lower with the trending day, without reaching the Weekly 50% level.

Maybe that might happen by tomorrow..

Helped by the Weekly 'DROP' pattern, as the market moves towards the middle of the new Primary 50% levels for 2012.



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