S&P DOW Weekly 5th September 2009

S&P 500 Monthly

Once S&P had reached 1038, there is an expectation that this level will form a resistance zone for a number of weeks.

I do have a view of higher prices in the 4th Quarter, but for the most robust pattern would be for price to continue to move sideways until October and then continue upwards in October.

Once those 4th Quarter highs are reached, then I won't have another view until 2010.

1038 resistance until October

And those 4th Quarter highs my targets 1090+


DOW S&P Weekly

With this week's higher Weekly open and '2-day' sell pattern resulting in a break and close below the Weekly 50% level on Tuesday, my view was for a continuation down into the September 50% level.

Instead Friday has closed in the middle of the range.

Next Week:- Monday looks like pushing upwards into the 5-day highs, which could see the S&P near 1038 once again....

However I'm treating September as sideways pattern with Weekly timeframe rotations until October and the 4th Quarter.