S&P Weekly and Daily range
S&P moved up into 1238 and then has reversed down into the daily 50% level finding support and a market that looks to be continuing higher in the short-term as per Weekly report.
There were two of possible patterns for Thursday.
A. Remains within the daily range using the Daily and monthly highs as resistance @ 1238
B. Or breaks out of the highs, as the S&P continues to trend towards 1249+ and (December highs) as shown in the previous chart
The S&P remained within the daily range, but at this stage I still favour a move towards higher highs on Friday.
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