DOW S&P 28th MAY 2008 Recap

Morning Report....US markets have consolidated around the Weekly lows : - either US markets are going to swing back into the weekly 50% level, or continue down after a 2-day stall pattern....

Last Week there was a break of the Weekly low, which ideally I would like to see price test the breakout before it continues down....

Wednesday's trading is going to be defined by the support levels and the 5-day 50% levels...

Yesterday moved back into the 5-day 50% levels....

A bounce off support on Wednesday will see a move towards the Weekly 50% level and 3-day highs"...


S&P Daily and 5-day charts

Both the DOW and S&P followed similar price action:- pushing down into 'support' and then continuing back towards the Weekly 50% level and 3-day highs...




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