SPI opening near the 3-day highs.....(resistance)Higher open and expectation that price will fill the gap on the downside and into the 5-day 50% level @ 5236 (44 points down)
After 'gap' completion the rest of the day has a random outcome.....
Support 5-day 50% level:- the market can move higher from a lower Spiral point and back towards the highs again
Above 5334 and expectation that price is moving back towards the 5-day highs (Weekly 50%) 5450+
In conclusion:- It's going to depend on where the market opens, but I favour a rotation down into a lower R44 spiral point before any Upside moves will continue.
The Levels is the right hand chart should be used for 'day-traders'.
And keep in mind that yesterday was heavily influenced by the previous day's 5-day levels.
Therefore the levels from yesterday should also be used for any short-term resistance and support:- i.e. 44 points down will go close to matching yesterday's 5-day 50% level @ 5261
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