S&P CASH Weekly ChartsConsolidation currently around the Quarterly lows, and with 1 day remaining until the Next Quarterly timeframe begins, those lows are much further down from Next Week.
However, I don't see the S&P going that low in the next Quarter (1189), but I do see the Yearly lows @ 1238 being touched before any Major reversal UPwards.
DOW CASH Weekly charts
The Yearly down trend began in 2008 with the move down from the Yearly BP, and confirmed with the break of the previous Quarter (Sept-Dec).
This Quarterly timeframe has pushed down, but it has remained in a major 3-month sideways pattern trading around the Quarterly lows.
Those Quarterly lows push lower in the next Quarter, so there's potential to move lower inthe next Quarter, where once again it will find support and consolidate.
The Yearly lows are much lower, and if it gets that low it will probably take another 6-9 months for that to happen. If price is following the Quarterly patterns lower, then it will take 2-3 Quarterly timeframes to even get that low.
And that's a long time in any trader's language.
Until then, the S&P will probably find support around the Yearly lows, and reverse back up into quarterly 50% levels.
And Yes....US Markets could end up moving back towards the Yearly Balance points, where it all began in 2008. But again it's going to take a number of months for that to happen....
DOW and E-mini Daily Charts"Since the start of 2008, US markets haven't been able to trade and remain above the Weekly channels highs.
Those Weekly channel highs are shown above and the expectation remains that those highs are resistance...I would like for this Month to complete and then use the April 50% level as a trend guide for next quarter.
Weekly 'highs' resistance for another Week before using the April 50% level next month as a more robust trend guide if US markets are going to continue into higher prices." ( Previous Weekly report)
And the Weekly highs have remained resistance, and has pushed back down towards the April balance point.
The April Balance point from Tuesday is going to be the trend guide on whether price is going to move higher, or continue with the Quarterly ranges into lower lows.
E-mini intra-day 5-day chartI've only put in the E-mini intra-day chart but the DOW is exactly the same.
The expectation that the Weekly highs would be resistance this week and push back down, and the two highest probability DOWN days were:- Wednesday and Friday with Price breaking Risk-Support.
This makes it much easier for a trader in Australia to be trading US markets.
And it makes no difference for any other trader around the globe.
Next week expectation to push down into Daily support, which should then align with the April balance point.
please refer to the daily Report in the "trader trading blog"
