My view stands that markets have found their lows in 2008, but any 4th Quarter up trend has to be verified by the October 50% level, other wise global markets can continue down.
The most robust pattern for any down-trend to continue into October lows would be:-
Test and Reject the Monthly 50% level this week, and then move down from next week..
Thursday:- Support:- as shown (yellow)
Above support and Monthly 50% levels resistance.
Below support and the potential to move down into the 5-day lows is a possibility."
Premium Report
S&P Daily and 5-day pattern
US markets trading below the Monthly 50% levels in October and the trend continues down, with the probable path towards October lows.
Thursday:- breaks support and follows the 5-day pattern lower...
- Daily Trading Set-ups & Analysis
Posts
