S&P 500 E-mini Futures 6th March 2012 Daily recap

as mentioned in the Weekly report, don't hold longs below the daily lows, as the first week of the new month could move lower...

my hunch is, if it's going to move lower and break support, it's more likely going to happen on Tuesday.... (Monday’s Report)

S&P 500 Weekly and Daily cycles

 The daily cycle pattern didn’t provided the ideal ‘short-trade’ set-up using the 50% levels as resistance…@ 1363-65

It was confirmed with the 4 hour close below the filter @ 1359.50…

And by the time the cash market opened price was below Tuesday’s lows @ 1354.50, as part of the daily breakout on Tuesday and first Week of the new month reversal pattern.

Tuesday's Breakout has seen the trend continue down into the Weekly lows, which has formed a random support @ 1338.50

Price action is likely to rise up towards Wednesday's 50% level, but my view is that it will struggle to move higher for the rest of the week :- Top to Bottom 5-day cycle



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