Both the DOW and S&P are pushing down towards the March lows, this was confirmed with the break of Weekly lows on Friday and the continuation down.
The expectation is that price will push down into the Weekly lows again this week in both markets, but it might take another week before the next Weekly dynamic range matches the March lows.
At this stage the trend is down, but not every day will be down.....
Friday's trading pushed down into Support. That was the view because of the break of the Thursday's support (double day movement).
On Monday I don't have a view, other than trading on the side of the Support level.....
Below support and price is pushing down into the Weekly lows....
Above support (test and bounce) and price is moving into a 2-day reversal pattern upwards:- Lower weekly close followed by a lower weekly open with a probability pattern of a 2-day rotation back towards the 3-day highs before the next move down....
Note: The best trading set-up once again would be from a higher daily open and then trading the break of 'support' and following a double day movement once again towards the Weekly lows.
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