DOW S&P MonthlyUS markets trading above their 50% levels, and whilst above those levels the view is for price to continue towards the April highs.....
Below those April 50% levels, and expectation price is heading lower once again....
DOW S&P Weekly Last Week's view was an early push down into the start of April, and then most global equity markets would follow the same pattern and continue higher:- higher high.
This played out precisely with US markets testing the Weekly 50% levels on Monday and then moving higher on the first of the Month.
The first targets were reached in April both have stalled around those levels @ 7979 & 842.
And now i'm looking for a short-term pullback. Because it's a higher Weekly open and price is trading around resistance levels I would always look for a 2-day pullback into the Weekly 50% level.
IF US markets are going higher in April, then price should be supported around those levels and follow another higher Friday close.
If US markets don't find support and begin trading below both the Weekly 50% and Monthly 50% levels, then my expectation is for a weaker 2nd Quarter.
S&P 5-day patternThe 5-day pattern last week was lifted straight out of my book based on short-term trading within a larger timeframe model.
Monday's push down into the Weekly 50% levels:- support
And then Wednesday's rally rising up from support into Thursday's highs, and Friday support pushing upwards.
Next week will be exactly the same:- trade the levels and keep an eye on the higher timeframe 50% levels.
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