Whilst below 1329/1331, the downside is towards the Weekly 50% level
S&P Weekly and Daily range…
Tuesday’s low provided a swing back towards the trailing resistance levels @ 1332-1334, within the daily range.
Those levels were part of a 2nd day reversal pattern towards lower lows, which has seen the market continue down into the Weekly 50% level @ 1312, and find random support.
There is a breakout of Tuesday's , which will normally extend lower the next day, however based on the market finding random support at the Weekly 50% level, Wednesday could move into an 'inside day'
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