S&P Cash WeeklyUS markets found their lows in September and expectation that the last Quarter of 2008 will continue higher and slightly higher in 2009, before continuing lower in 2009.
But the up move in the last Quarter is simply dependant on the October 50% level.
DOW and S&P Weekly futures
All Trends are defined by the 50% levels as price thrusts outward, and price is still below the monthy 50% level.
With a shift in time price can still continue lower in October, but that's not my view in the last Quarter.
My view has always remained, once the Yearly lows are reach the last Quarter will rise higher......
DOW and S&P Daily futures
And we can see a major shift in resistance in the next few days.
What was resistance for many months can quickly become support in October, but i'm not expecting any higher moves in October than those highs in the previous Quarter.
At this stage the view is for the next Quarter to remain in a large trading range between recent lows and previous Quarterly highs.
So get your 'swing-trading' hats on for the next 3-months.
