DOW Emini Daily chartsPrimary trend (Yearly) Bearish
Secondary Trend (quarterly) Bearish
Intermediate Trend (Monthly) Bearish
Shorter Trends (Weekly Bullish)
Yesterday came down into the Weekly 50% level and found buying support.
Today the Monthly balance point is important because this will also need to have support and push higher into the close, otherwise a break of the Weekly .618 and the markets are heading back down.
Note: because of the Weekly timeframe, i'm looking for a 5-day sideways pattern before the next 'thrust' away from the central 50% levels.
Intra-day 5-day
Markets are trading below the 5-day 50% level.
Again there is no major high probability pattern today other than trading on the side of the Risk-Support levels.
Daily direction is an each way bet, with the higher timeframe support levels important.
My ideal pattern for a higher move is: - having a 'down' day, with a Daily 'hook' back inside the Weekly 50% level to trade upwards the following day using the Weekly 50% level as support.
At this stage I can't see Tuesday being other than being another day like yesterday, as part of a 5-day consolidating pattern for short-term traders.
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