DOW Daily 23rd January 2009 recap

"US markets trading between last Week's Weekly lows and this Week's Weekly lows.

but based on the January Thrust patterns I still can't see much upside on Friday

Therefore I would continue to rely on the 5-day 50% levels in both markets, as your trend guide:- further downside"

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DOW Weekly and 5-day pattern

Weekly lows supported price on Friday, but the day session started closer to Friday's lows than the 5-day 50% level, resulting in a move back towards the 50% level hitting resistance.

The ideal set-up on Friday was a similar move as Thursday, opening near the 5-day 50% level and pushing down into Friday's lows.

A lot of volatility on Friday, and with the 5-day 50% level resisting price the expectation is that there will be continued weakness next week.



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