Two Possible patterns today:-
#1 Remains within the Daily range (highs and the 50% level)
#2 Reverses down into the Daily lows, which matches the Weekly 50% level @ 1277
S&P Weekly and daily range.
Wednesday was either going to push upwards into the daily highs and reverse down, or it was going to continue down from 1295.50.
S&P in the end followed the expectation that I had on Tuesday of reversing down into 1277, as part of the 2nd day reversal pattern
1277 can act as random support for the rest of the week…
However, around these highs in January, it’s all about finding levels to short the market from and start holding positions.
Simply because I believe there’s far more chance of the market heading lower, than continually making incremental higher highs.
The S&P doesn't need to reach a precise 1300 during the first quarter to continue down.
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