S&P Daily and 5-day patternUS markets continue down on Tuesday pushed down from the Weekly 50% level and into the 5-day lows (Support).
Yesterday's sell off from a higher Monday open and continuation down below the Weekly 50% level was the first sign of the August down-trend continuing, as per Weekly report.
2nd sign was the failure of the 5-day lows to hold on Tuesday....(5-day breakout)
Ideally I wanted to see a re-test of the 5-day 50% level and trade down into Tuesday's lows
S&P should push down into 1258 on Wednesday and find some support for an 'short-term' counter-trend UP move, with the expectation price is heading lower the following week.- Daily Trading Set-ups & Analysis
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