DOW Futures Daily 28th Sept 2009

"As per Weekly report I’m looking for a 2-day reversal pattern upwards using the Weekly 50% levels as support.

Weekly 50% level (brown) along with the lower weekly open has a bias to rise upwards over the next 2-days"

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DOW Weekly and 5-day pattern

US markets swing upwards from the lower Weekly open after last week's reversal down.

As we are coming into the end of the 3rd quarter and the start of the 4th, my view remains higher highs in the next 3-month cycle.

However, my preferred pattern would be during October sometime, a move back down to retest the Weekly cycle lows, find support using a lower weekly close set-up, and then continue upwards into the higher high pattern in the next Quarter.

When will that happen I won't know as yet, but it's something i'll be keeping an eye on during any 5-day pattern set-up starting from October.

In the short-term after this 2-day pattern reversal the next Weekly set-up won't occur until next week.

Back to 5-day pattern 'day-trading'.


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