DOW (S&P) Trading 24th July 2008

DOW Daily and 5-day pattern

Weekly highs resistance and break of support has sent the US markets back down into their 5-day lows.

Whilst Thursday was trading above support the expectation was to follow the 5-day pattern higher.

But once the support had broken and trading below the 5-day 50% level after hitting the Weekly highs, the natural path was to move down into the 5-day lows and Weekly 50% level.


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