S&P 5003rd Quarter Thrust pattern heading into the Yearly 50% level @ 1037.
Around 1037 is viewed as a resistance zone for 2009.
DOW S&P MonthlyBased on 'August' dynamics those yearly targets might not get reached until September.
At this stage there is a July high breakout and expectation that price should continue towards August highs.
Around August highs is viewed as resistance with a potential preversal back down into the monthly 50% level, but if that happens then my view is more upwards until 1037 is reached in the S&P
DOW S&P WeeklyIt will depend on how price responds to a higher Weekly open and trading around the 5-day highs, which is when most trend reversals occur.
The minimium pullback based on this pattern is a 2-day reversal, but it's how far the 2-day reversal moves downward that will make a difference....Previous Weekly report.
Last Week started with a higher Weekly open and 2-day pullback, but failed to move below the 5-day 50% level resulting in the Trend remaining with an upwards bias.
Expectation of higher prices into August....
August 50% levels and Weekly 50& levels are Support.
Day traders:- trade the 5-day patterns
