S&P QuarterlySince the March and subsequent rally into the 2nd Quarter highs in June, I had an expectation that there would be a 3rd quarter UP move towards the Yearly 50% levels for a number of months
However, last week that expectation change because in the first week of the 3rd quarter 50% level price began to push downward and not up, so my view changed for a split second.
The first week down move was a ‘fake’ break, and now we have a potential Thrust pattern pushing the market towards the Yearly 50% level @ 1037.
The expectation remains that US markets and other global markets are heading higher in the 3rd Quarter towards the Yearly 50% levels, as all trends originate from 50% levels and push outward
DOW S&P Monthly
Expectation that around the level @ 7897 and 858 would swing US markets upwards over 3-days
"Around those levels might provide the first multi-day (3-day Swing) UP move towards the July and Weekly 50% level Resistance Zones…. ................Previous Week report"
Instead the lows were 8018 and 865, and Monday had closed above the Monthly 50% levels.
"Around those levels might provide the first multi-day (3-day Swing) UP move towards the July and Weekly 50% level Resistance Zones…. ................Previous Week report"
Instead the lows were 8018 and 865, and Monday had closed above the Monthly 50% levels.
The 3-day UP swing was a random pattern, as it would have provided enough information on how markets were going to 'treat' the 3rd Quarter 50% levels....
Would they resist and continue downward into August? (2-month wave pattern)
Or would they close above and form a 'fake break' and new Thrust pattern UPwards? ( Primary Trend reversal pattern into the 50% levels)
By Tuesday it was a 'fake' break, and by Wednesday it was the start of a Thrust pattern that should continue higher into August
DOW S&P Weekly
There was an expectation of a 3-day UP swing into the Weekly 50% level, but when Wednesday started the move above the Weekly 50% level there was now a lower weekly open and Thrust pattern occurring pushing the market higher.
Next Weeks 50% level is now the trend guide on any continuation higher.
Above and it is continuing higher.
Next Weeks 50% level is now the trend guide on any continuation higher.
Above and it is continuing higher.
It would be ideal to get some short-term pullback into the Weekly 50% level early next week, but there isn't a 5-day pattern set-up to suggest that will happen, and the new week can continue higher.
