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Please Read the Weekly US Index Report before proceeding with the Daily report.
Major resistance with a high probability that whilst price is trading below December 50% levels, the market will make a lower low. However this needs to be verified by the break of the Weekly 50% level and 3-day cycles, which might take a few days to unwind.
Short-Term:- higher Weekly open and expectation that there will be a 2-day stall reversal with the Weekly 50% levels a guide of the strength of the trend. (Weekly Report 1st December)
Please Read the Weekly US Index Report before proceeding with the Daily report.
Major resistance with a high probability that whilst price is trading below December 50% levels, the market will make a lower low. However this needs to be verified by the break of the Weekly 50% level and 3-day cycles, which might take a few days to unwind.
Short-Term:- higher Weekly open and expectation that there will be a 2-day stall reversal with the Weekly 50% levels a guide of the strength of the trend. (Weekly Report 1st December)
DOW and ES-minis
US markets are hitting major resistance and expectation that they will come under pressure once again.
Even though I have a modelling pattern of both markets re-testing November lows, the confirming price action needs to close below both the Weekly 50% level and the 3-day lows. This might take a couple of days to unwind.
Intra-day:- There is a cluster of support in both markets.
Weekly 50% level matches the 3-day lows, matches the 5-day 50% level.
IF this support is valid, then the down day needs to confirm the support before the next day moves higher.
Resistance in both markets on Monday 13501 (DOW) and 1494 (ES minis)
No major set-up for Monday.
Below monthly 50% levels the trend is 'bearish'
Above the 3-day cycles and Weekly 50% level the short-term is bullish.
Conflicting price action:- therefore it needs price action to unwind for the next major set-up.
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