Tuesday reverses down from the 5-day highs and tries to move back towards the 5-day 50% level over the next 2 days"
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S&P Weekly and 5-day pattern
Based on my probability pattern from Monday, I was looking for a continuation upwards into Tuesday's highs for a reversal back down into the 5-day 50% level.
Price didn't rise high enough on Tuesday, and Price reversed down into the 5-day 50% level quicker than expected.
Based on Tuesday's close of the Month and Quarter, and whilst price is trading below the Weekly 50% level and the July's balance point, It's hard to see UPside moves in the short-term.
I mentioned in last Week's report, that for a 3rd Quarter rise "I'll get a clearer view of the market after another 5-days of trading and the end of next week"
And at this stage that look's like the case, because of the weekly timeframe is still trading inside the 2nd quarter, and won't complete until Friday.
Otherwise, whilst below the Weekly 50% level, a push down towards the July 50% level could play out.
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