DOW Daily 5th March 2009 recap

"Monthly lows there eventually be a move back towards the 5-day highs but both markets have closed below their Weekly lows on Wednesday.

If US markets are going to move towards their 5-day highs, then price should bounce off Yellow support and move towards the 5-day highs by Friday.

It's obvious that below Yellow support is going back down towards the 5-day lows once again, as part of yesterday's 5-day 50% level failure and close below the Weekly lows."

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DOW Weekly and 5-day pattern


Thursday's trading either way provided an ideal set-up for those trading the levels.

Thursday was going to struggle to move higher with price trading below the Weekly lows and the 5-day 50% level.


Once price started trading below support in both the DOW and S&P, the price action down was mapped out, and once again the 5-day lows provided an ideal Long trade into the close from 3570...


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