US Markets continue to push up towards their Monthly highs from the April 50% levels.
The April highs have dropped, and any higher moves in these markets and likely path is towards those highs in MAY:- resistance in this Quarter.
At this stage US markets look like moving into a 2-month sideways pattern between Monthly resistance and Monthly 50% levels until the end of the Quarter, which should provide swing traders with ample opportunities.
US markets pushed up this week reaching their Weekly highs and stalling.
Even though the trend remains up and can continue up, we are back to a higher Weekly open next week.
A higher Weekly open means a short-term pullback in the trend.
That pullback is back into the Monthly balance points in MAY (red Line)
S&P 5-day pattern
No breakout of the 5-day lows this week, instead price remained supported and followed the 5-day pattern higher as it reached the Weekly highs.
In conclusion:-
US markets have continued to move higher. There has been no Monthly resistance levels and price is simply following the monthly trends higher
I was bearish on the Markets if there was a 5-day low breakout in the last week of this month and April close below the Monthly 50% levels.
This hasn't happened, therefore my view now is a 2-month sideways pattern between Monthly 50% levels and upper resistance levels.
For day traders, we all simply look to short resistance and trade support in the 5-day pattern, as the market continues higher in MAY.
If those levels fail in the 5-day pattern, we simply adjust to the market the next day.
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