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S&P Weekly and 5-day pattern

"US markets have reached their Yearly and Quarterly lows, and I can't 

see too much more downside in Global markets.

Yesterday:- breakout of the Yellow channel forms a 2-day sell 

pattern.

Therefore expectation that the 5-day 50% level is resistance, and can

 push lower into Thursday's lows.

If Thursday can bounce off those lows and close higher, then 

Friday's support should be use to continue to trade upwards"  Yesterday's Premium Report

US MARKETSThursday:- Even though US markets had reached

their Yearly lows on Wednesday, there was still a 2-day 'sell' pattern to

play out, pushing Thursday down into support. (chart below)

Weekly report out this week, but at this stage the 2008 lows of

global markets have been reached, and in my opinion have completed

the downward leg for 2008.

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SPI and XJO Weekly:- Chart below

Yesterday the XJO hit the 2008 lows @ 4538, along with US markets

 hitting their Yearly lows:- 4538 was my down target for 2008

In my opinion global markets have hit their lows for 2008, but will

probably flop around these lower levels over then next 3-weeks building

a support base before any 'slow' rotation upwards in the next Quarter and

 in a Monthly step formation to close out 2008 at higher prices than where we are today.

The 3-month counter-trend move next Quarter will obviously confirmed

with the October 50% level as the trend guide, (random length) and

where we close in 2008 will DETERMINE HOW FAR WE GO DOWN IN 2009.