US markets trading below higher timeframe resistance levels, as shown in the Weekly charts yesterday.Because there hasn't been a 2-day stall in the Weekly trend this week after the change of cycle, there can still be a possibility of 1 more down day this week before finding support on Friday (next up day).....
DOW intra-day
Support shown above @ 12647.
However I'm still looking for the Range bar to complete down into 12600, before any up trend is going to play out....
Therefore it needs to bounce off 12600 and swing back above 12647, otherwise and break of 12600 on Thursday and it will be part of the 2nd day reversal and expectation that the move will be a 144 point range.
E-mini Intra-daylower support @ 1369....
In conclusion:- There are two scenarios today:- a bullish weekly trend will have 1 down day and then continue higher into Friday.
Yesterday we had that 1 down day, and today will follow the above patterns using 'support'
2nd Secenario:- breaks intra-day support and has a down day with the movment back towards the 3-day low channels as targets and support. (1348)
This is part of the 2nd day reversal after the change of the 3-day cycle, similar pattern to what occured in the Australian market today.
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