There is a breakout of the 5-day lows on Tuesday, and a probability pattern is to continue down into Wednesday's lows:- support
If US markets have a counter-trend UP day, then a move back towards the 50% level"
Yesterday's report
S&P Daily
BUY support and UP day....
Normal rejection pattern is a higher daily close and the trend selling down from the Weekly 50% level from a higher daily open the next day.
This could still happen on Thursday, but I'm factoring in that US markets could have a 2nd 'stalling day', and I would focus on Friday or early next week for any 'potential' down trend to continue....
Ideally a 'sell' pattern would be a two day counter-trend move or stalling pattern, and the trend continues down from the 3rd day:- verified with a break of this month's lows (4th Week sell).
If Thursday (2nd stalling day) closes back above the Weekly 50% level, then it's a 'hook' pattern, which doesn't favour Friday closing lower on most occassions.
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