DOW S&P Trading 17th September 2008 recap

"5-day 50% level along with support....

Ideally I would like to see price move back down into support, but after that there isn't any expectation on the rest of today.

either support holds and moves into a sideways pattern...

or it breaks, and we once again move into a 2-day sell pattern:- down into 1158"

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S&P Daily and 5-day pattern

The 5-day pattern tells the story on Wednesday, completing my view of the S&P moving down into 1158.

I don't have any more lower moves for S&P in 2008, sure the market can go lower especially with a shift in levels in the next Quarter, but at this stage we are getting close to a bottom in 2008.

The bottom will be verified once price is trading above the forward Monthly 50% level...


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