US markets selling down from Resistance with the expectation that price would come down and re-test the 5-day 50% levels......
However price is moved down into intra-day support and breaking it......
With about 2.5 hours to go before the trading day ends, it wouldn't surprise me to see some short-covering in the market, but the bias is down and a break of the 3-day lows in both markets on Thursday and the view is for a continuation down into Friday...
The view was to trade down from Thursday's highs back into support, and after move completed, it was to manage Risk by using the intra-day levels, with a test of support not a good sign because price was back below the Weekly and 5-day 50% levels...At this stage there is no support until the Wednesday's lows, and a breakout of those lows today and this is the weaker 'sell' pattern that I expected to happen after Tuesday's reversal down....
Full report later.....
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