S&P 500 E-mini Futures 28th June 2012 Daily recap

Early trend bias is down (Red filter)

 4 hour close below the daily 50% level will put pressure on the market to fall further.

Current price action isn't a Weekly HOOK pattern

S&P 500 Weekly & Daily cycles

Wednesday's close above the Weekly 50% level wasn't a HOOK pattern because the price action didn't rise up from the 5-day lows.

Because of this reason, the trend bias was down guided by the red filter & then confirmed by the 4 hour close below the daily 50% level...
resulting further weakness into the daily channel lows @ 1309

The Rest of the day remained range bound, as the market consolidates into the end of the 2nd quarter.


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