S&P Monthly and 5-day pattern.
Another 5-day 50% level rejection pattern down into Friday's lows and a reversal up late in the trading day.
Trader's will now how valid Friday's Support lows @ 669 are by next week trading above 695 and heading upwards...
Probable support over the next few weeks until there is another shift in the levels...
And these lows around 699 are often the support in any downtrend, but there is still more downside to go based on the Yearly range.
That could result in a breakout pattern "crash pattern or the movement down in APril"
Read Weekly report...
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...
S&P Weekly and 5-day patternWednesday moved up from the March lows and completed the move towards the 5-day 50% level.
With late selling hitting both the DOW and S&P around the 5-day -mid-point.
My ideal set-up was to come down into 680 and look for a major swing pattern upwards, but instead the March lows @ 695 along with Tuesday's lows, set up the move upwards during the night session continiuing higher.
As per report, there is now a view that there can be a 3-day up move towards the 5-day highs even though the 5-day 50% level was hit by sellers late in the day.
We will look for support levels on Thursday for any continuation of the counter-trend move up towards the 5-day highs by Friday.
SPI Weekly and 5-day pattern
SPI moved up early in the day, but as part of this morning's set-up, I wanted price to come down into 3128 before trading Longs...
Price dropped back into 3128 providing the ideal entry level for any higher moves....
And once price moved its usual 44 points upwards, the SPI moved into a consolidating trading pattern in the afternoon.
If the SPI ends up around 3217 and the 5-day 50% level, it would have to be on the back of US markets moving upwards on Wednesday.
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.
SPI Weekly and 5-day pattern
Weekly lows @ 3219 supported the market on Monday, and has played a vital role in supporting the market is each dynamic Weekly timeframe recently
As per report:- above 3267 and looking for a move towards 3317 (5-day 50%)
Below 3267 and market was under pressure due to the larger monthly trend pushing all markets lower, as per Weekly report.
Around 3219 and expectation price would remain range bound below the 5-day breakout.
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