at this stage I can't favour a down move because the 2-day reversal pattern has remained above the 5-day 50% levels"
Premium Trader
S&P Weekly and 5-day pattern
US markets remained range bound trading above Wednesday's support.
This price action would normally continue into a higher Friday close....
However, being the last week of the trading month there is a pattern that normally likes to try and 'rotate' back towards the new monthly Balance point, which matches next week's Weekly 50% level.
At this stage there isn't anything to suggust this will happen this week, but there is a 'creeping' upwards of the 5-day lows, and that will be the confirming pattern that a reversal downward would take place:- 5-day low break.
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