DOW S&P 10th June 2008 Recap

"Last Week broke the Weekly lows, and both markets are trading below June's 50% level, which is a bearish pattern.

However, I also mentioned in the Weekly report that I expect a push lower on Monday but then look for some sign of a counter-trend move upward as it nears the expiry date next week.

Yesterday found support but was trading below the blue channel capping the market..

On Tuesday there is a switch from above to below on the blue channels, which favours a continution up on Tuesday"

Morning Report...

DOW Daily and 5-day pattern

Another consolidating trading day below June's 50% level, rising up from support and stalling at the 5-day 50% level

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