I also mentioned that Tuesday's 5-day highs will be the first probability pattern that will finally reverse US markets back into their 5-day 50% levels.
It is not guaranteed this will happen, but I'm simply using previous probability patterns to model a future scenario.
Yellow Support levels are the trend guides on Tuesday"
Premium Report
S&P Weekly and 5-day pattern
This week's trading has played out precisely, except Tuesday didn't close down near the 5-day 50% level instead bouncing up from support once again.
Normally this 2-day extension on Tuesday would send the market into a lower Daily close....
However, the Thrust pattern from the July 50% levels keeps pushing the market higher without a retest of the 5-day 50% levels.
Wednesday will be the 8th day without a retest.
Wednesday's will be hitting July's highs, but As pointed out previously a Quarterly 'Thrust pattern can breakout of the Monthly range and continue to trend.
- Daily Trading Set-ups & Analysis
Posts
