DOW Weekly ChartsExpectation that the DOW is heading down towards the Yearly lows in 2008, but along the way there will be short-term counter-trend move back towards the 3-weeks highs and then continue down....
DOW Daily chart
On Friday the DOW reached the July's lows, and as pointed out, the first sign of a reversal is going to start with a breakout of the 5-day highs, and then a move above the Weekly 50% level, as it rotates back towards July's 50% level (3-week highs.)
And we can now see that the Weekly 50% level has now dropped below last week's highs, which isn't that far away for the market to begin it's rotation upwards.
S&P Daily
Same applies with the S&P, price is consolidating around the Monthly and Weekly lows, and a break of the 5-day highs will begin to attract buyers once above the Weekly 50% level.....
S&P Weekly
However, any rotation upwards into 1329-33, and then expectation is that price is moving back down into 1173 to finally find a low in 2008...
Note: any lows in 2008 is only seen as lows for this year, as i'm expecting lower lows in 2009 to finally bottom out the Bear Trend.
- Daily Trading Set-ups & Analysis
