SPI Report 31st October
Last day of the trading month and the Dynamics shift with the
expectation that markets are moving higher in the next month.
We can see in the Weekly chart on the day session (below), the SPI
is hitting upper monthly resistance, this resistance will disappear at the
end of today's trading which will allow for prices to move higher towards 7000+ in the forward month/s
A higher Weekly open and expectation is that price will rotate down for 2-days:- Yesterday was the first and today is that 2nd day, and not helped by US markets now trading below their weekly 50% levels, and they have started the first day of rotation back down waiting for %rate ann.
SPI will come down and complete the range @ 6768, and bullish market will remain above the break of the 3-day high (6767) and head upwards.
A weak market (2nd day rotation), as another down day will have a random length, as pointed out yesterday, which can go down much further due to the large gap to the 3-day lows, to close out the trading month.
Posts
