If US markets are going to continue higher it should start with another 'pop' upwards in September and finally breakout.
If the trend is going to continue down, as part of my overall view, then the shift in time has resulted in a shift in Monthly support.....
Below September balance points in US markets, and things don't look so good..."
Previous Weekly report
DOW S&P Daily
Down trend continues with the push down from September 50% levels, with a shift in the Monthly balance points, breaking of the Weekly lows.
Expectation for next week is to continue down into next Week's lows .
Previous Weekly low breakout and next Week's 50% level will be viewed as resistance.
DOW and S&P Weekly Charts
"US markets remain in a sideways Weekly pattern below the Monthly 50% levels, and still remain below these levels with the 4th Week failing to breakout above....
I'm still bearish on Markets, as most robust counter-trend rallies begin from the Quarterly lows, and that isn't the case at this stage, even though July's lows were 'BUY' levels, but only towards the Monthly 50% levels and exit 'longs'."
Previous Weekly Report....
The Friday close below the 3-week cycle lows isn't a good sign for any higher moves in this quarter....
If the trend is going to continue down, it wouldn't surprise me to see a re-test of September 50% level in the Week of contract expiry and then for price to continue lower :- 3rd Week sell as per previous Weekly report.
The bias is to continue lower, but things don't go down in straight lines... they zig-zag between dynamic support and resistance.
5-day pattern using the filter and high probability patterns this week.
It started with the 'POP' upwards early in the week using the Monthly balance point towards the 5-day highs, but then reversed down closing below support, which pushes lower the next day.
As pointed out in Thursday's report:- a break of support on Thursday and price is following Weekly pattern lower with a breakout of the 5-day lows...
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