DOW S&P MonthlyUS markets trading around MAY highs with the expectation of higher prices in June.
We have a MAY high break, which in theory should continue higher in the next month (June)
The support used should be viewed around the MAY levels
DOW 8550
S&P 920
If next week price is trading below those levels, then the view is that there could be a rotation down towards the monthly 50% levels.
DOW S&P Weekly
As we have seen over the past two months, the trend guide next week is simply the Weekly 50%level.
If the first two days next week closes below those levels then the UP trend could be over and a rotation downwards could be on the cards.
These Weekly 50% levels are valid trend guides and support, as they align with the MAY high breakout.
S&P 5-day pattern
Friday's reversal down from the highs was a probability pattern.
Whenever Friday's reverse down from the high, often the first two days of the new week pushes down into Support.
That support is the Weekly 50% levels.
That 2-day reversal down is simply going to begin with price trading below the 5-day 50% level on Monday, and how it trades down over the first 2 days should be an interest to all
