Monday's Yellow levels in both Markets.
Ideally the Yellow support levels would be view for a rotation upwards, even though there is a larger trend trying to push the markets down into March lows"
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DOW Weekly and 5-day pattern
US markets moved down into Monday support level but failed to move higher than the previous day's range.
A break of Support on Monday and the DOW along with most global markets have pushed down towards the March lows, as per Weekly Report
DOW S&P Monthly
US markets moving down into March Lows, which are starting to align with the 2009 Yearly lows
http://usindexweekly.blogspot.com/2009/02/dow-s-weekly-28th-february-2009.html
Any upside and February lows (blue channels) would be seen as resistance, with a possibility that a swing towards the March 50% level could take place, but that won't happen until nearing the end of this month.
Note:- Currently price action is in a Thrust pattern moving from
the 50% levels towards the extremes over Time, as it follows the Primary Trend and cycles towards the lows.
If March lows can't hold and there is another Crash pattern, as was the case in January and September 2008:- then those new lows in the 2nd quarter imo finally mark the end of this down move for 2009.
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