Last week’s downward trend and large range Wednesday tends to produce the following type of price movement:

With the most notably day being Wednesday, making a large move to the upside. So far Monday’s price movement (in black) has held up with the average pretty well and if Tuesday continues along as well it could set up well for a Wednesday rally.

Generally following a down week is a similar price movement: declining Mondays, flat Tuesdays–with both days near weekly lows, mostly rallying Wednesdays, a sharp decline Thursday after some less volatile price movement, and Friday that can rally or close flat near the open: