SPI Weekly and Daily charts (11:40)
Trending Weekly timeframe UP into Friday, and this was confirmed with today's price action above 5585.
Even though it's trading around the April 50% level @ 5615, Today's price action looks to be following the 5-day range patterns higher....
SPI 44 and 22 point rangesIt's the same patterns we have see in the down-trends over the past few months....
5-day breakout, followed by 1 day rotation, and then the trend continues with the 5-day range pattern once back inside the 5-day channel the next day.
Took the short @ 5611 stopped 5618 -7
Took the next short @ 5627 covered all @ 5615 +12
That's it for me today, I won't trade again. If I keep on trying to short today i'll end up taking losses.Today has a random length on the UP side, but as pointed out yesterday, the Weekly chart can continue much higher because it's still trading within the March timeframe
Next trade tomorrow.
Next SPI Report 15:30
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