Friday 5-day lows support price I would look for a 2-day reversal pattern from a lower Weekly open and a higher move. This is usually helped by a support level.
The only support level at the moment is the daily channel (yellow)"
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S&P Weekly and 5-day pattern
3-week low support and an early rotation back into 1038.
As per my ideal pattern, I would like to see the 3-day cycles drop down
and match 1038 and then look for any breakouts if US markets are going
to go higher in the 4th Quarter.
3-day cycles @ 1055.
Tuesday is either going to stall below 1039, and then see the 3-day
cycles drop down on Wednesday, and then the next set-up will be
on Thursday.
or Tuesday goes looking for the 3-day cycles @ 1055, as last week's
support has been validated and rising up from a lower Weekly open.
However, based on today's close below 1039 I don't favour the happening.
If Monday had closed above 1039, then a move towards 1055 is more likely.
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