DOW and ES-minis Weekly report:- This weeks trading has been that in a nutshell, and by looking at the Weekly charts, whilst price is trading below the Monthly and Quarterly 50% levels the expectation is that both markets are going down and testing the November lows.
This week along with the lower weekly open, like many lower weekly opens, tried to push upwards before hitting resistance and drifting back down.
However with this week ending, the higher weekly open next week can therefore continue down into another 5-day pattern towards those November lows as shown the Weekly charts:- A higher weekly close followed by a lower weekly close as it heads down into November lows before major support is found in both these markets for this current month...
This week along with the lower weekly open, like many lower weekly opens, tried to push upwards before hitting resistance and drifting back down.
However with this week ending, the higher weekly open next week can therefore continue down into another 5-day pattern towards those November lows as shown the Weekly charts:- A higher weekly close followed by a lower weekly close as it heads down into November lows before major support is found in both these markets for this current month...
Index Weekly report continues...
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