DOW S&P MonthlyUS Markets continue to push up towards their Monthly highs from the April 50% levels.
The April highs have dropped, and any higher moves in these markets and likely path is towards those highs in MAY:- resistance in this Quarter.
At this stage US markets look like moving into a 2-month sideways pattern between Monthly resistance and Monthly 50% levels until the end of the Quarter, which should provide swing traders with ample opportunities.
DOW S&P WeeklyUS markets pushed up this week reaching their Weekly highs and stalling.
Even though the trend remains up and can continue up, we are back to a higher Weekly open next week.
A higher Weekly open means a short-term pullback in the trend.
That pullback is back into the Monthly balance points in MAY (red Line)
S&P 5-day patternNo breakout of the 5-day lows this week, instead price remained supported and followed the 5-day pattern higher as it reached the Weekly highs.
In conclusion:-
US markets have continued to move higher. There has been no Monthly resistance levels and price is simply following the monthly trends higher
I was bearish on the Markets if there was a 5-day low breakout in the last week of this month and April close below the Monthly 50% levels.
This hasn't happened, therefore my view now is a 2-month sideways pattern between Monthly 50% levels and upper resistance levels.
For day traders, we all simply look to short resistance and trade support in the 5-day pattern, as the market continues higher in MAY.
If those levels fail in the 5-day pattern, we simply adjust to the market the next day.
- Daily Trading Set-ups & Analysis
