S&P DOW Trading 30th June 2008 Recap

Morning Report...."Expectation as other markets, moving down towards July's lows, but at the same time price action can move up into the Weekly 50% levels before the trend continues down...

5-day patterns

Thursday broke the 5-day lows, but Friday didn't retest the 5-day 50% level to continue down once again, instead Friday just continued down.

Therefore there is an expectation that price is going to move back towards the 5-day 50% level....

Simply trade on the side of the Yellow channel by the time the Markets open"




S&P Daily and 5-day pattern


Last day of the month and Quarter and US markets have a slight bias UP with a rotation back towards the 5-day 50% level.

Tuesday's trading is simply going to be defined by the 5-day 50% level and resistance, on whether price continues down towards July's low.....

Or swings back towards the Weekly 50% level:- 2 day counter-trend move from a lower Weekly open.

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