S&P 500 E-mini Futures 26 July 2012 Daily recap

Weekly lows Random support, but my view is that the daily 50% level and blue channel lows will form resistance @ 1342/46


S&P Weekly and Daily cycles

As noted in yesterday's recap, Weekly lows provided support before the cash market opened, helped by the daily red filter @ 1325.

However, price failed to reach precise resistance levels in the daily cycle, whilst the DOW provided the pefect 'sell' set-up within its own daily cycles.

The rest of this week is based on whether the trend remains flat below the daily 50% levels, or there is a continuation of the Weekly low support (3-day counter-trend move upwards)...

which will take it up towards the 5-day highs @ 1360



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