Two plays on Tuesday....
1. Either Support (yellow) sends the S&P into a higher daily close towards the Weekly 50% levels
2. Or the Thursday breakout from last week and 5-day 50% levels pushes the S&P back down, but 'down' won’t be confirmed unless the S&P is trading below Yellow support @ 890"
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S&P Weekly and 5-day pattern
US markets continued to drop in the 3rd Quarter, but it wasn't a probability pattern that Tuesday would fall.
The normal price action would be a 2-day UP move back into higher timeframe resistance levels, using Monthly 50% level support, and then short-trade and higher daily open:- 3rd day sell using resistance
TUesday started early with Price rising up from support and moving 80 points up, but failed to break the 5-day 50% level.
However, there was a 'sell' pattern based on Last Thursday's breakout, but it needed to be confirmed with a break of support @ 890.
Once support failed on Tuesday, price followed the 5-day pattern into Tuesday's lows, and now the S&P is trading below July's 50% level....
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