I mentioned on Wednesday, if there was going to be any reversal in the market it would come on Thursday once the support levels catch up with price. The same thing occurred two weeks ago.
Those support levels have caught up with price :- therefore traders need to trade on the side of the Yellow levels.
Below those levels and US markets often drift lower on the same day, however I'm not expecting price to move much further down than the 5-day 50% level"
Yesterday's report.
S&P Daily and 5-day pattern
US markets followed the same pattern as each other:- support off the 5-day 50% level early in the day hitting resistance, and then 'short-trading' the market below the Yellow filter, as price drifts lower on Wednesday.
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