DOW S&P Daily 31st October 2008 Recap

"This is the first time since August that the US markets have been able to remain above their Weekly 50% level on the 3rd day (Hook)

Above the Weekly 50% level and expectation of higher prices on Friday:- simply trade on the side of support"

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DOW Weekly and 5-day pattern

US markets followed the 'Hook' probability pattern of a higher close by Friday...

The swing upwards has coincided with price moving back into the November 50% levels:-

These 50% levels are now the trend guide for the next Month:- Ideal pattern would be to see 1 more drive down into November lows to finally bottom out this market...


"October lows resistance (breakout forms resistance), and the trend guide for the 4th Quarter will be defined by the November 50% level.

If that's the case:- then around November lows could provide the ideal 'swing' low for a swing UP towards the 2008 lows breakout:- higher close into the end of 2008"

11th October Weekly report





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