However, I'm not sure that there is going to be a similar reversal pattern as the last week of October, because the market dynamics are completely different.
we are now in a new 3-month cycle that can continue higher in December, especially if Tuesday finds support around the Weekly 50% level and closes higher.
Don’t short trade above 1097.50"
S&P Weekly and 5-day pattern
S&P 500 moves back above 1097.50 and continues into Monday's highs and mostly like continue up towards the Weekly highs this week.
I was bearish at the start of the week simply because of the price action and 3-day cycle breakout from Thursday.
My ideal pattern to trade any long positions during this week would have been a 2-day reversal down into the weekly 50% levels and then use those levels as support, and verify any upside from Wednesday onwards.
Once above 1097.50, it was above the 5-day 50% level and also back above the 3-day cycle breakout:- new trading week and 2-day UP move....
And the S&P 500 is back inside the 5-day pattern range and following the Weekly highs once again.
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