The 4th Week after 3 weeks down often can continue upwards, as it rotates back towards the February 50% levels....
But looking at the 5-day pattern:- I would treat the 5-day 50% level as support, which could result in a higher Daily close"
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S&P Weekly and 5-day pattern
I was looking for an UP day on Tuesday, but the S&P didn't reach the ideal support zone.
I was also expecting a move to test Tuesday's highs which matched the Weekly 50% level, instead Tuesday ended up quiet flat.
There is still a posibility that this Week can continue higher, but at this stage I'm treating US markets as simply rotating back into the Weekly 50% level in the first 2 days, and could come under pressure at the end of this week if it breaks the support on Wednesday.
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