Ideal pattern would be to rise upwards from Yellow support and break the 5-day 50% level.
Note:- the 5-day 50% level is still seen as resistance.
If price hasn't tested Yellow support on Tuesday, price could still come down as a 5-day 50% rejection pattern, and then have a late short-covering rally into the close.
Above the 5-day 50% level shorting is open to Risk:- Weekly 50% level rotation
I favour UP moves because price is trading above the 5-day blue filter channels"
Premium Report....
S&P Daily and 5-day pattern
Early resistance around the 5-day 50% level, but after lunch and price trading above the 5-day 50% level......The only way was UP....
S&P reaches the Weekly 50% level and the 5-day high on Tuesday.....
- Daily Trading Set-ups & Analysis
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