1. sells down on Thursday into the daily lows, Thursday’s lows are seen as targets not as support.
2. pushes down from the daily 50% level and into the Yellow levels, but ends up closing higher.
S&P Weekly and Daily Range...
S&P continues back towards the highs after finding support around this week’s lows and crossing over the daily 50% level on Thursday.
Today's price action wasn't part of my overall view, as I was leaning towards Set-up #1 occurring and heading down towards the lows.
This was based on April high resistance, and for the first time in 8 weeks trading below the Weekly 50% level @ 1199
Whenever a reversal pattern occurs, often there is a 1 day counter-trend move (higher Daily close Yesterday) and then the trend continues down into a lower Friday close using the daily 50% level as resistance.
Often that resistance can last into the Yellow (#2) and then closer higher, (8.5 point reversal) but that didn't happen either .
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