SPI was supported around the Weekly lows yesterday, but today it will be opening below the Weekly lows @ 5165, which is a breakout of the Weekly timeframe.Whilst price is trading below 5165 expectation is that it's pushing down into the 5-day lows @ 5065-59....which is going close to match the Monthly dynamic lows.
Today:- The overall trend of the market is moving towards March Lows, and following the 5-day ranges lower, but as we saw yesterday, there are 'bursts' of price trends and then market moves into consolidation phases of 'price-range' rotation.
I don't have a morning 'set-up' to trade, but I will look for intra-day rotation using the above levels in the market within the 5-day range along with R44 spiral points.
Levels of interest are:- Weekly lows 5165
5-day range levels:- 5097, 5065
Note: above 5165 and the Weekly lows I still can't discount a rotation back towards the 5-day 50% level.....lower Weekly open and a 2-day rotation upwards before the trend resumes down.
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