But it doesn't mean there can't be an UP day in a down trending market.
trade on the side of Yellow support.
If there is a push down on the S&P into blue support, then price will need to bounce back above the Yellow support level to confirm a higher daily close.
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S&P Weekly and 5-day pattern
S&P started the day trading below 827, which was the first sign of the trend continuing down.
The 5-day pattern support levels didn't hold until there was a spike down into the Weekly lows @ 807.
But as pointed out, price needed to rise back above 827 to get a move back towards the 5-day 50% level late in the trading day:- higher daily close.
Choppy trading day around the lows and most of the UP move occured late in the trading day.
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