However, there is a Friday high pattern that often results in a 2-day reversal.
Basically if it’s below 4760 it’s down…
SPI Weekly and Daily range.
Early resistance @ 4777, and once the market began to close below key levels in the daily range, the trend bias was down.
A change in the weekly level @ 4760 and a breakout of the 5-day lows @ 4746 is a short-term bearish pattern.
Depending on the price action in the S&P 500 overnight…
Whilst below 4760 the trend is following the 'line of least resistance' down towards 4690 and the weekly 50% level.
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