DOW S&P Weekly 2nd MAY 2009

DOW S&P Monthly

US 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 Weekly

US 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 pattern

No 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.



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