At this stage based on where the market is opening, along with a lower Weekly open I’m favouring a move back towards Thursday’s breakout.
The maximum move upwards this week would be towards the Weekly 50% levels:- 2 day swing
There is a 5-day breakout from Thursday that I’m looking for the S&P to retest, along with the 5-day levels."
Premium Trader
S&P Weekly and 5-day pattern
Lower Weekly open along with Monthly support (Trend), there is an expectation that a swing back towards Thursday's breakout @ 905 is in play.
First swing is back into the 5-day 50% level, with a potential 2-day swing would take it back into the Weekly 50% level @ 911
Wednesday should provide an ideal pattern if there is going to be more weakness in US markets in July, or the Monthly 50% levels push the markets back above the Weekly 50% level.
Ideal pattern would be a higher Daily open and 'sell' resistance.
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