S&P Daily and 5-day patternLast day of the Quarter and Month and the important levels have been set for October 2008.
The Yearly lows in September (read Weekly Report) will be verified once price has move above the October 50% levels.
http://usindexweekly.blogspot.com/
It is these Monthly 50% levels which will decide whether US markets move down into October lows, or follow my view and begin a 3-month uptrend (slightly), over the next Quarterly timeframe.
And that depends on how the FED bail out plan plays out this week...
At this stage:- October 50% levels are still viewed as resistance until they fail (break)
Above 1198 and the view is to move back towards 1282 and stall, and then drift back down into a consolidating 4 week pattern between both the 50% level and October highs.
Further weakness and S&P is down around 1081 in October....
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