Monday:- Trend guide will be Yellow support levels, which match Friday's 5-day highs.
If above support it's moving up into Monday's highs.
If below support and also below Friday's 5-day highs, then traders should begin to expect a 2-day reversal pattern towards the 50% levels.
S&P Weekly and 5-day pattern
US markets have moved into a first day stalling pattern above the July highs.
Early selling pressure as Monday's support failed, but the monthly timeframe high and the 5-day 50% level played support.
At this stage there is a bias to continue higher, but I would like to see 1 more 'stall' pattern on Tuesday to begin to confirm these highs become support.
At this stage the view is a higher Weekly timeframe pattern that is trying to move down for 2 days, which at this stage is a random pattern.
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