Either price moves back down into the Daily 50% level (channel highs) @ 1317
or there is a potential swing back down towards the channel lows @ 1304, which matches the Weekly levels over the next 2-days.
S&P Weekly and Daily range
Tuesday reversed down from the daily highs, completing both targets (1317 and 1304), as part of a 2-day reversal pattern
As noted in Tuesday's report...
"What we notice was that there was a break of the 3-day cycle high (As part of a swing towards 1329-1331)
This change of cycle puts the 3-day cycle lows down @ 1304, which matches the Weekly level.
Therefore, the S&P can move into a 2-day reversal/stall pattern, until those 3-day lows catch up with price/ trend.
What we saw was a 3-day cycle reversal pattern back down into the Weekly lows, which also matched the overall view of the market around these highs.
And as noted in the Weekly report...
Now things start to get interesting, with price trading around 1300-1304 at the start of March.
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