I have the view that the market is trying to rise upwards on the last day of MAY towards the June 50% level.
S&P Weekly and Daily range
Tuesday rose upwards and moved back towards the Weekly 50% level @ 4716, which aligns with the June 50% level, starting from tomorrow.
However, based on the levels in the daily range there wasn’t an ideal long set-up, as it was below the levels at the start of the day.
I would have preferred a move down into 4649/52, and then move towards the highs using support and the R42 low.
The June 50% level will now decide whether the market moves higher over the next 3-days….
Or is pushed back down:- another rejection pattern from the monthly 50% level.
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