What's negative above the US markets on Friday?
"Higher Weekly open and sell off from the August 50% level and June breakouts.
Breakout of the Weekly 50% level, a 2-day stalling pattern below :- resistance.
A failure of Thursday to 'hook' back above the Weekly 50%..
With the potential to close lower on Friday.... (top-to-bottom Weekly timeframe)....
Basically nothing is really bullish this week, other than the past two days of support....
Thursday's UP day was part of a pattern of re-testing the 5-day 50% level, which didn't complete on Wednesday (2nd day stall)
But who am I to judge the market...even with the rejection of the 5-day 50% level...
Simply trade on the side of Friday's (Yellow) support levels..."
Yesterday's Report
S&P Daily
Everything about the past 3 weeks of trading set-up Friday as the potential continuation of the down trend.....
From the 'pop' upwards at the start of August, the 2nd week's failure to close higher on Friday, and then the sell pattern and break below the Weekly 50% level this week.
Even after Thursday's failure (2nd day stall) and no 'Hook' day above the Weekly 50% level....
Friday looked to be the ideal set-up....except it moved up from support on Friday instead of breaking lower....
Read Weekly Report...
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