A HOOK pattern normally moves back down into the Weekly 50% levels retest those levels and then continues higher.
Therefore there is a bias to move higher:- Support 837.50
Any Support and higher moves on Wednesday as part of the HOOK pattern, and price will probably push up towards 857 and stall"
Premium Report
S&P Weekly and 5-day pattern
Tuesday's reversal off the 5-day lows provided a 'HOOK' play for Wednesday.
This pushed US markets upwards from support and into my upper targets.
857 was a resistance level but I wasn't expecting a push back down into support in late trading.
But when you wake up in the morning it's a pleasant surprise.
I'm not bullish on the Markets, but whilst price is trading above the Weekly 50% level they can still support the market in the short-term.
Normally a HOOK pattern play would close higher on Wednesday and remain above the 5-day 50% level and not close back down into a lower Daily close.
- Daily Trading Set-ups & Analysis
Posts
