However, there is a higher Weekly open ‘sell’ pattern (2-day stall), which often doesn’t continue higher until Wednesday.
A 2nd day sell pattern from the 5-day 50% levels is a random pattern, which could see price back down into the monthly levels in both markets (lower Daily close)"
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S&P Weekly and 5-day pattern
Early sell pattern from the 5-day 50% level into the 5-day lows saw buyers come into the market using support:- 5-day lows and Weekly 50% level.
However, as pointed out this pattern was part of a 2-day stall set-up from the higher weekly open, which often results in a lower daily close.
If Tuesday had remained above support levels, then Wednesday would normally continue higher into a higher Weekly close.
Tuesday instead has closed lower breaking support, with now the bias to continue down towards September 50% levels.
Support now becomes resistance for this week (1012)
This is the first break of the Weekly 50% level (brown) since the June's highs.
And important because it's occuring after reaching the Yearly 50% level.
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