Red filter and weekly level are the trend guides
S&P has found support around its Weekly lows, and as mentioned in yesterday’s recap….
Tuesday's Breakout has seen the trend continue down into the Weekly lows, which has formed a random support @ 1338.50
Price action is likely to rise up towards Wednesday's 50% level, but my view is that it will struggle to move higher for the rest of the week :- Top to Bottom 5-day cycle
We have seen the market rise into Wednesday’s 50% level and stall….
It now becomes an each way bet on whether the Weekly cycles support the market, and the rest of the week continues to rise upwards….
Or my view plays out, and this week struggles to rise upwards, resulting in a top to bottom trading week.
Price action in globex should provide more clues by the time the cash market opens on Thursday
- Daily Trading Set-ups & Analysis
- Index Futures SPI, DOW S&P, & Forex
- Subscribe to the Trader Premium