S&P Daily 8th January 2009 recap

"The reversal was set-up with yesterday's break of support (yellow) and move down into the blue channels....

With price below those blue channels on Thursday, the expectation is a continuation down into Thursday's lows.

Ideal set-up would be an early rise into the blue channels and sell down into Yellow support"

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S&P Weekly and 5-day pattern

Thursday moved into consolidating trading pattern between both the 5-day levels:- blue and yellow

The ideal set-up was an early rise upwards and short-trade back down into support, but the S&P didn't rise high enough for that trade to play out.....


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