"Same expectation as all global markets:- heading down towards July's lows before any major reversal pattern upwards.
We can see the S&P trading below June's lows, which has stopped price rotating upwards, and with the resistance shifting on the 1st July, there is still a possibility that US markets could move back towards the Weekly 50% levels before continuing lower.
Today:- Trade on the side of the Yellow channel. Below Yellow 1282 , and price is moving back down into support 5-day lows."
S&P Daily and 5-day patternS&P remained range bound most of the trading day between support (5-day lows @ 1265) and the the filter level @ 1282, before making a late move higher back towards the 5-day 50% level into Wednesday.
- Daily Trading Set-ups & Analysis
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