SPI Daily and intraday chartSPI opening near the 5-day 50% level @ 5209, and this is the trend guide for Friday.
SPI is also back inside the Weekly lows. (5165)
A higher open on the SPI and once again I favour a down move into an R40-44 low before any upside..
Note: the high of the last 44 point bar from Yesterday is 5166, which matches the Weekly 50% level, therefore I would like to think that this 'gap' can be closed this morning.
Today is Friday and price is still trading near the open of the Weekly timeframe from Monday, therefore we are looking for a push away from the open:- above 5209 and we are using the 5-day ranges from yesterday and today....
Upside levels of interest are 5247 and 5284.
Below 5165 and expectation the trend is closing down on Friday, trying to move towards March lows.
Last Word:- the 5-day ranges are a major driving force in the market, and the levels often play support-resistance, and also attract price towards the levels each day. The further the level away the greater the market will move.
However within the trading day, the range rotations don't always play out the same, yesterday was heavily influenced by 22 point rejections, whereas other days are often influenced by smaller ranges when markets consolidate (14-18 points)
On Tuesday 44 points was a major trading range, because of the 5-day levels (support-resistance)
It is often a good idea to keep an eye on price action within the trading day and adjust, espescially after the first 90 minutes of trading has taken place (thrust), because it will give intra-day traders a good idea on short-term 'scalping' trading whilst the market is travelling from one level to the next, or consolidating above or below the 5-day levels.
If I find a range rotation that is dominate in the market for the day, I will try and inform you.
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