S&P monthlyThe previous week’s reversal down and close above the 3-week lows and November 50% levels were part of the B Set-up….
B Set-up is price continuing higher within the 4th Quarter and moving back towards the monthly highs once again, with the upper target around 1126
S&P WeeklyEven though there was an expectation of SET-UP B occuring, I need to verify any higher timeframe support using lesser timeframe patterns the validate the trend.
That had to be a cross-over of the Weekly 50% level and change of the 3-day cycle to verify support:- Thursday.
Next week is simply trading on the side of the weekly 50% levels with the expectation price is heading higher.
I would have preferred Friday to close on it's lows and then use a lower Monday open to trade longs using a number of 50% levels as support for a 3-day UP move.
However, the new week will begin from a higher Weekly open, which often begins with a 2-day reversal pattern, but because there are no lines of least resistance until much higher prices, then if it's above 1061 it's going up.
Below 1061 and it's part of a 2-day stall pattern
