S&P 500 hugging uptrending pivotal support.
This morning’s 1980.50 high was touched during the noon hour, after an interim dip held 1978.00. Just noise.
Prior to the noon hour range, a Pivotal Uptrending Support had formed of of the morning’s lows. And it had been retested — touched for a fourth time — which tends to resolve at least back to the pattern’s low.
The first chart depicts today’s pattern. Ignoring errant ticks, the low prior to the actual low is the trendline’s anchor. Ignoring the actual low, the next higher low is the trendline’s connector.
Two more higher highs return to the trendline for a test, and then for a retest. After that, probing under the uptrending support is the signal that uptrending momentum has failed. Back under its first test (since forming) is the signal that momentum is reversing down.
The second chart depicts the same pattern as it developed into yesterday’s close. Its minimum objective was met at the pattern’s low. Its likely objective was met at the overnight low.
Equivalent levels to today’s pattern would target at least 1973.75, and probably1968.00-1969.00. Fresh highs not immediately rejected would all but neutralize the reversal pattern.