1. Monday’s 5-day low breakout and Tuesday will struggle to move higher than (1068) today resulting in another breakout on Tuesday and a large trending down day.
2. Monday pushes down into Tuesday’s lows resulting in a swing up into the Wednesday’s 50% level and the trend continuing down on Wednesday
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S&P Weekly and 5-day pattern
S&P moved down and followed option 2....
However, I really expected option 1 and a large trending down day on Tuesday towards the 3-week lows.
This can still happen on Wednesday, as price looks to be closing below the Weekly 50% levels...
but that will depend on Wednesday's intra-day support pattern and resistance level.
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