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The overnight rally in the S&P 500 Emini Futures put in yet another lower high on the hourly chart. Remember, we have been turned away from our Weekly Trading Zone @ 1230 twice now. A good portion of today's action was contained Between the Zones. As the afternoon session got underway we finally broke below the 1211/1212 WTZ when the Beige Book was released. The market recovered at the 1201/1202 WTZ, turned north and ran right back to the 1211/1212 WTZ. That's what we call Zone to Zone to Zone. In this case it was 9 points down and 9 back up. That's a round trip ticket worth 18 points. Am I suggesting you should have taken 18 points out of the market? Not at all. What I am suggesting is that price made 2 substantial moves from fixed points of support and resistance that were given to our Partner's before the opening bell on Monday.
Now that I've suggested that, I will say this -