Yellow Support and UP"
Premium Trader
S&P Weekly and 5-day pattern
S&P didn't move down into support to trade longs into higher highs, but the move towards those highs @ 920-928 was mapped out after yesterday's breakout.
As pointed out yesterday, the current price action this week and back above the higher timeframe 50% levels, it seems the dip last week below the July 50% levels was a 'fake break' and the market is going to go higher in July-August.
There has been 3 days UP in a row, and the odds of a 4th day heading higher without a retest of the 5-day 50% level drops.
I still think there is a strong possibility that US markets will continue higher as part of the Yearly reversal pattern towards their 50% levels, but I would like to see 5-day 50% levels be hit before Market continue higher.
But with Wednesday breaking out of the 5-day highs once again, that retest of the 5-day 50% levels might not happen on Thursday
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