Higher timeframe support, but because of Thursday's breakout....
The expectation is that the 5-day 50% level will form a resistance zone.
I'm expecting a further push down, but i'd be surprised to see a continuation down into Friday's lows.
At this stage Friday looks like a consolidating trading day below the 5-day 50% level, which also matches the breakout of the Weekly lows"
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S&P Weekly and 5-day pattern
US markets opened higher and pushed down failing to reach Friday's support zone, which I thought it would....
And late short-covering in the Futures market has sent the S&P back towards it's 5-day 50% level and Weekly breakout level.
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