If trading below support on Monday the only conclusion I make is.... price it going back down to re-test the support level from Friday, which didn't play out"
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S&P Daily and 5-day pattern
Monday was simply trading on the side of support.
Expectation that a test of support on Monday would either send the market back towards the 5-day highs, or if below would play out a move back to Friday's support level, which didn't test.
It's obvious price didn't move down as far as Friday's support level on Monday, but it's still part of the 2-day pullback.
Keep in mind that I've modelled the lows of the market were set last Thursday, and that over the next couple of weeks a support base should develop until October.
Any continuation upwards will be verified next month.
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