However, because of Friday’s price action I’m expecting the first 2-days to move down. (Monday and Tuesday)
The Trend guide on Monday is simply the blue filter once again @ 10415"
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DOW Weekly and 5-day patternMonday’s expected down day has ended up as a ‘stalling day’, with the Weekly 50% level supporting the market @ 10341.
As pointed out, market dynamics favours a move upwards to complete the December highs, as price is trading above the higher timeframe 50% levels, along with the close above the November highs
I’m expecting 1 more day to move down towards support levels, or Tuesday could end up as a similar trading day as Monday and remain above 10341 continuing higher thereafter.
However, based on the price action in the S&P 500 and the 5-day levels, it's beginning to look very similiar to last Week:- Monday stalls and then Tuesday moves higher.
I would have preferred more selling on Monday, because whilst price is below 10341, there’s more chance of a daily HOOK pattern occurring from Tuesday onwards, which would provide far more probability of a higher weekly close than current price action.
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