Yesterday:- breakout of the Yellow channel forms a 2-day sell pattern.
Therefore expectation that the 5-day 50% level is resistance, and can push lower into Thursday's lows.
If Thursday can bounce off those lows and close higher, then Friday's support should be use to continue to trade upwards"
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S&P Daily and 5-day pattern
Even though US markets had reached their Yearly lows on Wednesday, there was still a 2-day 'sell' pattern to play out, pushing Thursday down into support.
Weekly report out this week, but at this stage the 2008 lows of global markets have been reached, and in my opinion completed.
However I can't see a major 3-month rally like when the March lows hit.
It would probably flop around these lower levels over then next 3-weeks building a support base before any 'slow' rotation upwards in the next Quarter in Monthly step formation to close out 2008 at higher prices than where we are today.
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