US markets will be opening outside the Weekly lows, and expectation that price is heading down.As per Weekly report:- 'blow-off' bottom in global markets with the level of interest around 1234-40 on the S&P....
Historically, whenever the S&P comes off 23-25% from the 'peak' it's the time to be moving back into stocks (long-term).
Today when the S&P opens it will be down from it's peak 22%...however I think it's still to early to move into Stocks just yet, because I think the S&P will head down to 1170, as per Weekly report and the 3-year dynamic lows later this year... (10,450 DOW) , and much better Value for long term holdings.
Around the 5-day lows today, they are starting to align with those support zones I'm looking for....the interesting part is that my downside levels were 1234-40 based on Yearly levels, and todays 5-day lows actually match them, so it will be extremely interesting how things play out today...
The trend won't change until prices moves back above the 5-day 50% level and then follow through with a break of the Weekly 50% levels, which might take another week...however don't expect major market rallies......
Don't trade longs below Tuesday's 5-day lows......that's obvious
Resistance:- Weekly lows, and Monday's breakout and 5-day 50% levels
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