S&P (e-mini) DOW 30th July 2008 July 2008 Recap

"US markets have Weekly hook patterns on Tuesday, which favours higher prices.

Often price will come down and test the Weekly 50% level to verify support and then gradually close higher"

Yesterday's report



S&P Daily and 5-day pattern

Wednesday continued higher based on Tuesday's 'Hook' pattern, and a rotation back towards the August 50% level by Friday.

We can see the rise UP from the 5-day 50% level towards the highs.

But my robust pattern on 'HOOK' days, is an early fade back to re-test the Weekly 50% level, and then continue higher, which didn't play out as precisely as I hoped for.


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