Trade on the side of Yellow Support, as shown (5-day pattern)
As this stage I can only see an early rise into the blue channels, which match the Weekly 50% level:- resistance.
Based on probability my view is a consolidating trading day between support and the blue channels (weekly 50% levels)
Obviously trading below Monday's lows is extremely bearish this week"
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S&P Weekly and 5-day pattern
US markets continued down on Monday, as a follow through of last Week's January 50% level rejection pattern.
However, on Monday I wanted to see US markets rise up into Resistance (Weekly 50% level) so traders could short-trade the move back down into Support.
But Monday continued the overall 'weak' trend by breaking out of Monday's dynamic lows, as the bias is to continue down into the Weekly lows.
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