any further upside once above the Weekly 50% level, and should take the S&P up into 960.
Three UP days in a row and trading around the Weekly highs @ 928:- resistance
However, there is another 5-day breakout on Wednesday, and the same pattern can playout on Thursday and continue higher.
There isn't any other resistance until Thursday's tops @ 938"
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S&P Weekly and 5-day pattern 3rd quarter rally with this weeks move back above key higher timeframe levels.
As each day stalled around higher timeframe levels, and normally price would stall and reverse down into the 5-day 50% level and then continue higher, traders need to be reminded that each day is closing above the 5-day highs.
A daily close above the 5-day highs is a breakout in the 5-day pattern, and price will often continue into the next 5-day high.
If it keeps closing above the 5-day highs, it keeps going up.
Why is this pattern happening now?
It part of a higher timeframe 'thrust' pattern, as all trend orginate from 50% levels and push outward.
And a 3rd Quarter 50% level is a major trend guide that's going to push the market.
Thursday is the first day that the 5-day high has stalled price...
But there is still an expectation of a move into 960 in July
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