DOW Futures 20th MAY 2009 recap

"2-day stall pattern after Monday's break above the 3-day cycle highs (White line)

Wednesday highs resistance

Support 8388"


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DOW Weekly and 5-day pattern


2-day 'stalling' pattern above the 3-day cycle highs has played out, with precise movement between the levels of resistance and support.

This 2-day stall pattern above the 3-day highs would normally continue higher into Friday:- retest breakout and verify the level and then price continues higher from a lower Daily open, which is Thursday.

But it's hard to have that view when price is already trading around the MAY highs.