DOW Futures Daily 4th Jan 2009 recap

"After last week's reversal down into the weekly 50% level and this week's open above those levels, the only conclusion I can make is the 2-day UP move back towards the Weekly highs

Support as shown, and it needs to be verified with price trading above the 5-day 50% level"



DOW Weekly and 5-day pattern

Expectation of a rise upwards this week completed the Weekly highs in the first day.

I pointed out in the Weekly report that my view is that these levels can resist price this week but continue higher next week and complete the January highs.

However, the first day up move into the Weekly highs can continue higher, as part of the 2nd day rise.

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