If the market doesn’t continue higher, then there’s the possibility that this week finishes with a ‘no control’ 5-day pattern
S&P Weekly and Daily range.
S&P moves back down into the Weekly level and the 5-day lows, finding support once again.
A 'no control 5-day pattern' is when the market consolidates in a tight trading range and Friday closes near the middle of the range, or near the open (Last Monday)
The week after a ‘no control’ pattern will often continue to trend outward, and based on the current levels, that bias is likely to be down
- Daily Trading Set-ups & Analysis
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