The Weekly 50% level has been used as trend guide and support since March lows, and should be used as support this week.
It is obvious that a breakout of the 5-day lows will signal a change of trend and reversal down towards the July 50% levels"
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S&P Weekly and 5-day pattern.
There was nothing to suggest that US markets would break support, but the discount on September futures gave a few clues, along with price trading below support.
First time since March has price broken out of the 5-day lows and close below the Weekly 50% level.
With the break of the 5-day lows and now trading below the Weekly 50% level, there is an expectation that prices will try and drift down towards the Monthly 50% levels and 3rd Quarter 50% levels
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