Premium Report
S&P Weekly and 5-day patternS&P has followed a higher timeframe support level @ 1038 and a swing back towards the Weekly 50% levels
These Weekly 50% levels are the trend guides for the rest of this week.
It wasn’t the pattern that I wanted on Thursday, as I was looking for the market to complete the move into Thursday’s lows, which matched the 3- Week lows around support zones.
I’ve been bearish all this week and this UP move on Thursday isn’t a concern in a downtrend just yet, because often price can have a higher daily close and then continue down into a lower Weekly close on Friday after retesting the 50% levels
However, the concern for any downtrend is, price shouldn’t be trading above the 5-day 50% level, as a Weekly down trend will retest the 5-day 50% level and then continue down the same day or the next.
And if Thursday midnight closes above the Weekly 50% level, then there is a potential higher weekly close back around the 3-day cycle highs @ 1088
Not good for short-term bears, as price is rising up from the Yearly 50% level and still above the monthly 50% levels - SET-UP B
And also not good for swing traders, as I had ideal long swings trades from lower prices next week.
- Daily Trading Set-ups & Analysis
Posts
