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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