The previous Weekly Report gives far more detail, and explains the current price action in the markets and my overall view
http://usindexweekly.blogspot.com/2008/06/dow-s-weekly-report-28th-june-2008.html
DOW Daily chart...
Expectation US markets would continue down into July's lows, and next week the Weekly lows are matching the lows in July.
My view is that once price reaches July's lows, there is more of a chance that US markets will begin a short-term reversal pattern into July's 50% level.
The first confirming pattern will be a breakout of the 5-day highs.....
S&P Daily charts
Once the breakout is confirmed, the 2nd confirming pattern is a reversal back towards the Weekly 50% levels in both markets, and then a continuation up towards the July 50% level in the following week after that.
S&P 5-day pattern
Once July's lows are reached, the trader needs to begin to optimise the trading on the BUY side using the 5-day patterns and the trend guide of the 5-day 50% level, along with the intra-day filters.
Note: I'm still expecting further weakness in all global markets, and any reversal upwards is only seen as a short-term counter-trend move until the Yearly lows are reached in all markets.
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