Yesterday's price action of early selling and then a higher daily close above support often sends markets higher, with a continuation towards the 5-day highs on Tuesday"
S&P Weekly and 5-day pattern
I expected more upside on Tuesday & hitting the highs.
If that price action had occurred then Wednesday's 5-day 50% level would be the trend guide for the rest of this week.
Often when the first two days continues higher and reaches the 5-day highs on Tuesday, the proceeding day can reverse the trend on Wednesday, simply because price is already trading around the monthly highs in September.
That would be confirmed with price trading below the 5-day 50% level the next day.
Because this hasn't occured there is a bias to continue towards the Weekly highs.
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