9:00am
Last week the SPI sold off from the break of the 3-day cycle and the Weekly 50% level @ 6716, with the expectation that the market was heading down into November 50% @ 6362-9.
However, most of the moves were occurring overnight, and most of the lower opens in the SPI actually moved upwards closing the gaps and rotating back into 'resistance'.
The expectation is that the market is heading down into the November 50% level @ 6362-9, as a first rotation, but the major support is 6250 and the Quarterly 50% level.
Whilst market is trading in a 3-day 'sell cycle and below the weekly 50% level @ 6657 the trend is down this week, however always expect short-term counter-trend up moves in the market...
SPI report continues below....
Posts
