S&P:- Looking for US markets to consolidate around these Quarterly lows, with any continued weakness from April.....A bear Trend in 2008 will move towards 1173 over the next 3 quarterly periods, as it zigzags within the Weekly UP and DOWN patterns
DOW:-
Same expectation;- US markets are consolidating into Contract Expiry, with any further weakness the closer it gets to April or after March Expiry....
9-month pattern target is 10414 on the DOW....
DOW E-mini Futures:-
Weekly rotating patterns with expectation that February is consolidating, and Quarterly lows supporting price.
With US markets trading around Quarterly lows (support) and a lower Weekly close (top-to-bottom), the expectation is that US markets will rotate upwards, using the Weekly 50% level as a Trend guide next week
Above the Weekly 50% level, and expectation Price is heading back to the 5-day highs...
Below the Weekly 50% level, and price is moving down into the Weekly .618 before looking for 'HOOK' trading patterns and a 5-day reversal pattern UPWARDS....
Support 11934 DOW.
Support 1293 E-mini
Last Week's trading was simply set-up with the Sunday's range, and a 'breakdown' of Sunday and expectation was that Monday was moving down into the 5-day 50% level.
A breakout down of the 3-day channel and 5-day 50% level on Tuesday and price was following the 5-day dynamic range each day.... (2nd day reversal back to the Weekly 50% level from a higher Weekly open)
Next week is simply the same:-
Sunday Range will set-up Monday's Trading :- UP or DOWN....
And the 3-day high Range high will confirm the breakout and the follow through of the 5-day dynamic Range highs each day....
Note:- Overall Trend is DOWN, and trading below the February 50% level, therefore potential to make lower lows in February is still a possibility, but that will only happen with a confirmed break below Weekly .618 levels....
Please refer to the Daily reports.....
