DOW S&P Weekly Report 1st June 2008

DOW S&P Weekly charts

Last Week’s report mentioned the close below 3-week lows, and the potential of a two week consolidating pattern, which means 10 days of more rotation.

Last Week completed the first week, and it looks like another Week before a new trend develops…

A:- rotation back down into June 50% level next week and then a continuation back UP towards the recent highs. This often occurs in the month of contract expiry with a bias to rise into the switch from June contracts into September contracts.



DOW S&P Daily charts

Both US markets rotated upwards last week from a lower Weekly open and back towards the Weekly 50% level.

And next Week will be similar; the 5-day pattern will be defined by the Weekly 50% level, and whether price rotates back down into the June 50% levels, or continues to push slightly higher next week.....

DOW 5-day pattern

As per most Daily reports last week (Premium Report) it was simply use the Support levels to trade upwards, whilst any higher open the expectation was to push down into Support and then continue higher….

And the same will apply next week....

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DOW S&P Weekly Report 25th MAY 2008

DOW S&P Weekly charts

US markets reversed down last week breaking their 3-week lows.....

This is an unwinding pattern which verifies that the short-term UP trend is over....

I was looking for a push in MAY's highs before reversing down into June 50% level next week, but now it's happened what's the view?????

At this stage it's too early to tell, because whenever the 3-week cycles break the market can go into a 2-week 'stall-consolidating' pattern before the new trend begins....

We saw this happen when the 3-week highs broke, and now US markets can move into another 2-week sideways pattern before the new trend begins the closer it comes in the next Quarter.

DOW S&P daily charts

Last Week Report..... " Next week's expectation is price is pushing upwards into the Weekly highs:- stall for a few days and then continue higher towards MAY's highs....

Last Week pushed up into the Weekly highs and reversed for a 2-day stall pattern, but the failure of support to hold on Wednesday nullified the UP move into MAY highs....

S&P 5-day pattern:-

The Support pushed prices higher on Monday, and began the reversal pattern on Tuesday...

As my view in the Premium Report on Wednesday, that prices would sell-off from the 50% level on Wednesday down into Support....

If support holds on Wednesday then and only then Thursday could move higher once above the 5-day 50% level....

Wednesday didn't hold, and the rest of the down trend was verfied with each break of support into MAY's 50% level....

Next Week:- The usual pattern from a lower Weekly open and look for a 2-day counter-trend move back towards the Weekly 50% level, and then for the rest of the week define the market using the 5-day patterns.....

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DOW S&P Weekly Report 17th MAY 2008

DOW S&P Weekly charts...

Expectation US markets are pushing higher into MAY's highs.....


DOW S&P Daily charts....

Last Week's Expectation was for US markets to swing back upwards towards their Weekly highs from lower prices, this was confirmed with the 'Hook' day back inside the Weekly 50% levels.

Next week's expectation is price is pushing upwards into the Weekly highs:- stall for a few days and then continue higher towards MAY's highs....

Last Week in the US was simply trade the 5-day patterns upwards using support.

BUY support and trade Upwards, using partial exit strategies

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DOW S&P Weekly Report 10th MAY 2008

DOW S&P Weekly charts

Expectation US markets are continuing higher in MAY, and as per last Week's report there was an expectation that US markets would come down and re-test the MAY 50% levels before heading higher.....

DOW and S&P Daily charts

I forewarned traders in the Premium service that US markets had Weekly Drops forming on Tuesday and there would be a possibility that US markets would close on their lows on Friday...

Therefore :- Expectation that a slight push down next Week and then look for Daily 'hook' bars back inside the Weekly 50% level, and then towards the Weekly channel highs.

If US markets are going to move towards the MAY highs this month, it will probably take about 2 weeks for that to play out.

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DOW S&P Weekly 3rd MAY 2008

DOW and S&P Weekly Futures

Expectation that US markets would continue higher into April highs this week, and will continue higher into MAY highs, as shown above.

Dilernia Principle:- 2 timeframe wave pattern before reversing back down into the 50% level

Therefore I favour B set-up:- where US markets continue higher into MAY before reversing down into the 50% levels, and begin to unwind into June (push lower)

A set-up:- can still occur where US markets reverse down early next week test the MAY 50% levels, and then continue higher into MAY highs and then JUNE highs......

Daily Charts

Expectation that US markets will push higher early next week, before moving into a 2-3 down move back towards the Weekly 50% level......

5-day patterns

5-day patterns of support-resistance each day, but as soon as prices move towards MAY highs things begin to change.

Any reversal down will be a precise channel break-down, after pushing higher early next week.

All Daily reports and set-ups for DOW and S&P can be found at the Trader Premium....

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