This favours a continuation upwards, or a bias to rise higher into Friday.
Monday HOOK, and TUESDAY test and support....
Support as shown:- High risk trading longs below support"
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S&P Daily and 5-day pattern
This is how well we can tell if US markets are going to continue higher
this week or not.
Lower Weekly open on Monday has a 'HOOK' pattern over the Weekly
50% level @ 992.
Tuesday's higher open and expectation that price will pullback into
support.
Support was verified on Tuesday.
Whenever there is a HOOK & TEST pattern in a 'bull' market price will
normally continue upwards into Friday:- higher Weekly close.
It obvious that this is a bear market, but it's still the same pattern.
Higher timeframe:- and is still below the October lows, therefore the 5-day highs are still view as resistance.
Breaks support and......
Markets move back down towards their 5-day lows once again.
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