S&P Monthly
As per Previous report, expectation a bottom was in place and that a counter-trend move would occur this week.
Probable move towards the March 50% level, if it's a valid low in the first Quarter then prices should continue higher from the April 50% level towards the 3-month highs....
DOW MonthlyEven though this bottom was a high probability double bottom, which normally sends the market higher:- 3-month highs...
The April 50% level is the trend guide.
I'm still factoring in lower prices in 2009, and most likely 2nd quarter lows would provide a much more robust bear market low than the current March Monthlylow pattern.
But we will come to that at the end of this month.
DOW 5-day pattern
Ideal 5-day pattern set-up started with the breakout of the 5-day 50% level into Wednesday's highs, and then the continuation higher from Thursday's support...
and into a higher Weekly close..
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