S&P (e-mini) DOW 16th Sept 08 Recap

"US markets are getting close to their 2008 Yearly lows:- 1158-73

Ideally I would like to see these lower levels reached, and then look for a confirming up move in October 2008.

Yesterday was about support pushing US markets back up into the 5-day 50% level and then continue down on Monday:- 2nd day 'sell pattern'

Tuesday:- I would like to see Tuesday's lows reach.

Breakout of Monday's lows and 5-day 50% level is resistance on the way down.

Ideally a test of the 5-day 50% level early Trading on Tuesday:- Tuesday's lows Random support"

Premium Report



S&P Weekly and 5-day pattern

S&P trading around the Yearly lows for 2008, which was my down target this year.

For any valid support to be confirmed price will then have to be trading above the 50% level in October, and until then two weeks is a long time in these markets.

S&P and other US markets pushed lower on Tuesday hitting the 5-day lows and reversing back up into the 5-day 50% level.

Posted by