Weekly highs are viewed as random resistance levels this week, and at still don’t have a probability pattern other than using the levels in the 5-day pattern.
Wednesday’s 5-day highs random resistance"
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S&P Weekly and 5-day pattern
S&P continues to creep upwards as reporting season breathes more life into the markets.
Wednesday pushed upwards hit resistance in the 5-day pattern and some early selling pressure, but a late move above will push prices higher on Thursday.
As of Thursday, I would be to look for the same patterns and continue to use market dynamics as resistance levels in the 5-day pattern, and begin to hold positions contracts into the close.
That’s simply because on Thursday, the 3-monthly cycle from July into October will have played out.
There’s no view that there will be a major reversal down on Thursday or even this week, but it’s something to be aware that any short-term reversal being 1-2 days or more will start from a level within the model.
I have a 4th Quarter extension pattern that can take the S&P towards 1141, but if it’s going to go towards that level I feel it's more likely to kick upwards from November.
At this stage I have 3 Weekly set-ups coming into play based on Friday’s close and this new 3-month cycle (4th Quarter)
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