S&P 500 YearlyEver since the March lows were reached that coincided with the Yearly lows in 2009, my view has been a 3rd Quarter UP move towards the Yearly 50% level.
This is a technical pattern which can often be seen throughout a number of lesser timeframes, which is occurring in the largest timeframe and Primary Trend:- breakout of the 2008 extends downward and then begins to long journey back towards the 50% level from lower support levels and matches the 2008 breakout.
Therefore as of next week, the trend should be defined by the 3rd Quarter 50% levels...
Either a new UP trend emerges to complete my view of a Primary trend rotation, or markets sell off again back down into the March lows by the 4th Quarter.
DOW Yearly
The exact same thing applies on the DOW:- 8347 is the trend guide...
DOW S&P Monthly
"Based on Friday's close and a Higher Weekly open next week, I would view that price should continue to rotate down into July's 50% levels that will be confirmed after the next 3-days of trading"............Previous Weekly Report
US markets reversed back down into the July 50% levels, and as of early next week the direction of the trend should be mapped out after the first 3-days of trading...
Either US markets push down from a lower Weekly open....
Or prices rise up from a lower Weekly open and rise up from July's 50% levels.
But the UP move won't be confirmed until price is back above the Weekly 50% levels and consolidating above them.
