S&P MonthlyS&P Reached the March lows @ 699 on Friday and with late buying up from the lows.
If US markets are going to remain supported over the next few weeks, Friday's lows were the most robust support zones in the medium term.
However, it's still not the lows for 2009.
We could move into another 4 weeks for support with a rotation up from these levels next week, or continue down in another breakout pattern sometime this month.
The first stage of any reversal upwards would be price heading higher from 695 and trading above the Weekly 50% levels next week.
DOW S&P WeeklyThere was an expectation of lower prices into March lows, and there was early support this week on Tuesday around the March lows.....
but the Hook patterns below the Weekly lows sent both markets down into Friday's lows.
As pointed out, we need to see US markets move above Tuesday's lows next week (March lows), and then verify any up trend by price moving and breaking the Weekly 50% level.
S&P 5-day pattern
Breakout of the Monday's lows sent the market down into Tuesday's lows.
Tuesday followed with late Buying, which aligned with the March lows, however any follow through on the UP had to be verified by the 5-day 50% level on Wednesday.
Once that failed, the markets followed with 5-day 50% rejection patterns towards the lows, as each day had a market path downward into Thursday and then Friday.
Next Week:- the first stage of any up move to continue will be the 5-day 50% level next week.
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