S&P 500 E-mini Futures 24th July 2012 Daily recap

My view is that the trend will continue lower:- below all 50% levels

Daily 50% level resistance, whilst a move below the red filter will put pressure on the market to drop down into Tuesday's lows (random Support)
S&P 500 Weekly and Daily cycles

As noted in yesterday's recap, the expectation was that the trend will continue lower, and as we can see price is back down into the Weekly lows after being rejected from the July 50% level.

These Weekly lows could provide random support by the time the cash market opens..

but a break of these lows and trend bias is down into the 3rd Quarter lows @ 1303




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