1318.25 is seen as random resistance
S&P Weekly and Daily range.
There were two possible patterns on Thursday…
#A) 1300-1304 supports the market and Thursday swings back towards the highs
#B) Price would hit 1318.25 and begin the next leg down towards the Weekly lows and then the MARCH 50% level @ 1284.
My view was that the market was trying to follow the Weekly trend down towards the lows, as it was trading below the Weekly 50% level @ 1322.
However, the channels in the daily range favoured a swing back towards the channel highs, as did the higher timeframe levels of 1300-1304 supporting the market.
And now, the current price action suggests the trend is likely to continue towards the Weekly highs:- Random resistance.
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