DOW S&P Weekly 16th MAY 2009

DOW S&P Monthly

As per previous Report, the first Resistance levels were hit last Week with the MAY highs.

There is an expectation that US markets should continue down towards the 50% levels.

I do have higher prices in the 3rd Quarter, but I want to see where MAY ends up closing before committing to the view of higher prices.

DOW S&P Weekly

There is an expectation for prices to head down into the RED levels in MAY in both markets...

However, it's up to those Weekly 50% levels on whether prices head down early next week.

A lower Weekly open and trading around the Weekly 50% level might see a 2-3 day UP move before another push down later next week.

A weaker pattern in the US should have seen Friday close much lower than where it closed.