S&P (e-mini) DOW 1st Ocotber 08 recap

"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)

Today:- 2 plays

A. Continues up from the 5-day 50% levels towards the monthly 50% levels, which could send both US markets down into 'yellow' support on Wednesday.

Or....

B. 5-day 50% level could resist price early and push US markets down into Yellow support, and then could see a move towards the October 50% levels."

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S&P Daily and 5-day pattern

Early resistance around the 5-day 50% level pushing US markets down, but not down far enough, as the swing low off support didn't reach for a move UP towards the October 50% levels on Thursday.


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