US markets range bound with major support around the Quarterly lows (read Weekly report), however there is a bias for the market to push down early in the day and then have short-covering rallies near the end of the day if rising upwards from near the 5-day lows....
A move down on Friday below the 3-day lows and expectation is that it could move down as far as the previous Weekly 50% levels from last week.....
DOW intra-day
This Week on the DOW we had good early set-ups by trading from 50% levels outwards, and trading the upper channel back towards the 5-day 50% level yesterday.
On Friday the probability trade is to continue the down move into lower levels:- ideally from the 5-day 50% level down which matches yesterday's support level...
Note: the previous top is the 5-day 50% level which matches the Weekly 50% level (resistance)
E-mini:-
exactly the same: Sell down into lower channels.....
Note:- if there is going to be a short covering rally then the 5-day lows with the view for a swing back upwards late in the day towards the 50% levels....
Day traders manage risk using the upper levels within the charts
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