"Start of the new Quarter and new Month, and expectation that the SPI is heading lower....Whenever markets drop below the monthly 50% level the ATR increases and so does the volatility.
Over the next few weeks the volatility is going to remain and the past two days will seem the norm.
Therefore we need to adjust to the price action, because over the next few weeks in July I think the markets are going to whipsaw between the Monthly 50% levels and July's lows, and have large trending days with numerous 44 point ranges.
Today:- once again the last R44 range needs to complete from Monday, and then I would like to think that the SPI can reverse back down from the spiral filter...
SPI Daily and 5-day pattern
Recap 16:20
SPI opens and pushes up into the spiral filter and selling off from the 5-day 50% level down into 5185.
As mentioned in the intra-day report:- once 5185 breaks expectation price is moving down into 5145 to complete the next 44 point range and continue down towards the 5-day lows
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