DOW Futures Daily 8th Oct 2009 recap

"US markets closed above their 3-day highs, and even though I have a view of a move upwards in the 4th Quarter, I also have a view that there can be 1-2 day reversal back into support before the trend continues higher"

Premium Report



DOW Weekly and 5-day pattern

Early resistance in both the DOW and S&P on Thursday, however my preferred pattern around these highs isn't playing out.

Normally when price closes above the 3-day cycle I would look for set-up A to occur and then follow with Set-up B from next week towards the October higher.

Because Thursday has pushed down but the intra-day support (yellow) has held and closed back above the 3-day high, there is now more probability that Friday will continue higher, which is what normally happens when markets hit their 3-week lows .

4th Quarter target remains October highs.

  • Daily Trading Set-ups & Analysis
  • Index Futures SPI, DOW S&P, & Forex
  • Subscribe to the Trader Premium
  • http://www.datafeeds.com.au/premiumtrader.html



    • Posted by