S&P Weekly and 5-day pattern
Weekly 50% level and daily low support on Tuesday has completed the 2nd day pattern up into resistance levels once again.
However, that wasn’t part of my view for Tuesday.
The price action for larger trend reversals often retest the 50% levels on Monday in the daily range and sell off on Tuesdays breaking support and heading down into 1111 (weekly lows)
This looked likely during globex hours before the cash market opened, providing a partial exit on the lows and trailing stops above the 50% levels.
The rest is history, support came in on the lows and the market is now back around the Highs once again.
And this stage I’m treating the rest of the week as sideways 5-day pattern trading (Taking Chunks out of the ATR)
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