S&P Cash Weekly chartsNew Quarter begins in just over 1 week, but there is more downside to come in 2008 with the lower levels, as shown in the charts above.
Resistance still remains around the Weekly cycle highs, which is the breakout of the Quarterly lows from 2007.
E-mini Daily chartsUS markets have been range bound and consolidating in a downward sideways pattern for the past 2 months, as it trades between the Weekly channels.
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.
However, with the start of the new quarter things might change and begin a gradual rise back towards the cycle highs @ 1388.
Note: I would like for this Month to complete and then use the April 50% level as a trend guide for next quarter. Therefore I'm looking for another week of sideways trading into the end of the month.
DOW Cash Weekly chartsApril highs expected resistance with the expectation of further downside price action into the Yearly lows later this year...
DOW Daily futuresWeekly 'highs' resistance for another Week before using the April 50% level next month as a more robust trend guide if the DOW is going to continue into higher prices.
Note: As mentioned in last week's report, the week of contract expiry has a tendency to push upwards into the Expiry date. This played out, but I'm sure the FED cutting rates helped it along.
Please refer to the Daily report for full Daily analysis.
