However around 1112 becomes a resistance level of 8.5 points. ($425 USD)
Below 1100 and price is likely to push down"
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S&P Weekly and Daily range
A number of days ago I suggested the market can consolidate for the next 3-days between 1117 and 1092 until Friday.
Thursday’s consolidation pattern started with the resistance and high around 1112 and the continuation below 1100
3-days is a long time in the markets and sequence of events over those past 3-days makes it hard to see the market set-up for a Friday rally towards 1135, as suggested.
If the events over the past 3-days differed, for example Wednesday moved down into 1092 and Thursday closed higher, then it is much easier finding a high probability set-up on the last day of the week:- higher Weekly close
At this stage the August 50% level starting next week will the trend guide.
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