With this week's pattern and break of the Weekly 50% level and failure yesterday to rise up above the 5-day 50% level, the expectation is a lower Weekly close or a close in the middle of the 5-day range"
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S&P Weekly and 5-day pattern
With this week's price action of breaking Weekly support after reaching the Yearly 50% level my view was a continuation down into the Weekly lows or at least a close below 1012.
The set-up was the short trade the 5-day 50% level for a move down into the lows...
Early selling, however no follow through on the downside resulting in a Weekly close above the trend guides.
The down side move can still occur from early next week, but looking at the 5-day pattern and Friday's close (above 1012), at this stage it doesn't look like happening.
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