S&P Daily
Everything about the past 3 weeks of trading set-up Friday as the potential continuation of the down trend.....
From the 'pop' upwards at the start of August, the 2nd week's failure to close higher on Friday, and then the sell pattern and break below the Weekly 50% level this week.
Even after Thursday's failure (2nd day stall) and no 'Hook' day above the Weekly 50% level....
Friday looked to be the ideal set-up....except it moved up from support on Friday instead of breaking lower....
Read Weekly Report...
SPI Daily...
SPI rallies on open back into the 50% level and reverses back down into a consolidating trading day of 44 points...
Another consolidating trading day below the Weekly 50% level and 3-day range, but enough opportunties today to take out decent chunks using the spiral filter..
S&P Daily
Wednesday's UP day didn't have enough legs, therefore once price was trading above the blue channel the bias was to complete the reversal pattern back into the Weekly 50% level, as part of the 2nd stalling day....
Thursday didn't 'hook' close above the Weekly 50% level.....
SPI Daily
S&P Daily
BUY support and UP day....
Normal rejection pattern is a higher daily close and the trend selling down from the Weekly 50% level from a higher daily open the next day.
This could still happen on Thursday, but I'm factoring in that US markets could have a 2nd 'stalling day', and I would focus on Friday or early next week for any 'potential' down trend to continue....
Ideally a 'sell' pattern would be a two day counter-trend move or stalling pattern, and the trend continues down from the 3rd day:- verified with a break of this month's lows (4th Week sell).
If Thursday (2nd stalling day) closes back above the Weekly 50% level, then it's a 'hook' pattern, which doesn't favour Friday closing lower on most occassions.
Today:-
SPI opens and rallies up from the open and back into the 5-day break, which was the first part of the probability pattern....
The second part of the pattern was for a move down towards the 5-day lows :- 4784
Once it hit 4875 there was resistance and the SPI reversed back down 30 points, but as often seen using the Spiral filter:- statistical probability pattern is to continue higher with a double R44 point range (87 points).
End result:- the first day of the counter-trend move has come 1 day early, and it has stalled under the Weekly 50% level.
S&P Daily and 5-day patternUS markets continue down on Tuesday pushed down from the Weekly 50% level and into the 5-day lows (Support).
Yesterday's sell off from a higher Monday open and continuation down below the Weekly 50% level was the first sign of the August down-trend continuing, as per Weekly report.
2nd sign was the failure of the 5-day lows to hold on Tuesday....(5-day breakout)
Ideally I wanted to see a re-test of the 5-day 50% level and trade down into Tuesday's lows
S&P should push down into 1258 on Wednesday and find some support for an 'short-term' counter-trend UP move, with the expectation price is heading lower the following week.
SPI Daily....
Didn't have to wait for whether 4915 would hold or not, as price opened below and moved down into the 5-day lows..
Around the 5-day lows there was support for more than half the day, but once the r44 close below 4873, the expectation was a reject pattern down further into the close @ 4831...
Bearish pattern in the SPI to be breaking out of the 5-day lows, which favours my view of lower prices in August/September
S&P Daily
US markets sold off from the Monthly 50% levels and from a higher Weekly open.
Once below the Yellow filter the trend moved down into the 5-day lows...
As pointed out in the previous Weekly report, Friday's failure to continue higher is now beginning to set-up another downward trend, but certain things need to be verified.
As pointed out in the Aussie Weekly Report:- " Any new down trend won't occur until US markets lead..... (Read US Weekly Report) , and dragged down by Financials to bottom out the market."
And Financials were hit hard on Monday....
SPI Daily and Spiral filter (Recap 15:55)
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