Below the 50% level and it's a 1 day reversal back into the Weekly 50% levels"
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S&P Weekly and 5-day pattern
Price is trading around the higher timeframe levels 1126-1128, providing resistance but not following through with more weakness, other than a rotation back into the Yellow trend level @1122
Any continuation down would need to see price trading below the 50% level on Wednesday for a rotation back towards the Weekly 50% levels @ 1109
However, even though these levels are seen as targets and can play a role as resistance levels for a number of days, my expectation is that because the current price action is occurring at the end of a number of important timeframes, price is most likely going to continue upwards in the first quarter, as resistance levels shift upwards.
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