US markets still consolidating around the December 50% level, and above the Weekly 50% levels.
At this stage both markets are still in UP trends, but looking for lower weekly closes.
Yesterday's up swing from support into the 5-day 50% level, and now selling off, could easily follow the same price patterns on lower weekly closes as other global markets.
It looks like it's going to re-test Weekly 50% levels by the time US markets open, and you don't want to be trading longs below this week's lows.
Full analysis after Friday closes and then switch into March contract 2008
Trend guide for Friday is 5-day 50% level, and Weekly 50% level.
Posts
