DOW S&P Daily 23rd October 2008 recap

"Whilst price is trading below October lows then my view is that price will remain within the 5-day channels and rotate until the end of the Month.

Ideal pattern would be to see the 5-day 50% level push down into Support, and then see a short-covering UP move towards the blue channel"

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DOW Daily and 5-day pattern

US markets pushed down early on Thursday from the 5-day 50% level into Support, and then a short-covering move late pushing prices upwards.

Didn't reach the blue channel, but went very close.




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