DOW Weekly and Daily chartExpectation the US markets would reverse up from these lower levels and begin a rotation back towards the Monthly 50% levels.
Expectation that these 50% levels are resistance zones, and more consolidation between last weeks lows and the 50% levels into August.
S&P Daily....
Weekly 50% level is the trend guide next week for any continuation higher into the 3-week highs.
S&P 5-day pattern.
There hasn't been a breakout of the 5-day highs, and price is following a much more subtle rotation upwards.
Next Week:- I would use the 5-day highs as resistance, and simply trade the levels.
The 5-day 50% level will be the trend guide for any continuation upwards, which means support should be verified by a lower daily close and then trade longs up from a lower daily open.
In conclusion:- consolidation into August with an UP bias into the monthly 50% levels, and the potential of further weakness in the next month.
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