US markets supported around January lows, and expectation that US markets will consolidate around support for the next two days....
The overall trend is down, and my view is I can't see a major UP move in the US markets just yet.
Yesterday's push down into Wednesday lows was an important price pattern that suggests there is support around these January low's.The 5-day 50% level is a trend guide for Thursday:- normally I would look to use this level to 'sell' down the weekly trend into lower higher timeframe levels, this might still be the case, but US markets have already completed the move into lower levels Weekly and monthly extremes.
Day traders:- trade on the side of the 5-day 50% level either way...if above traders should have a view that the Weekly timeframe could end up closing higher on Friday (my expectation in the middle of the 5-day range)
I'll get a better idea on US markets once this Weekly timeframe finishes on Friday, and where it closes will be important for the rest of this month.
Reporting season begins today in US markets..
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