If Prices do move higher from 5256-58 then the upside target is 5305, which has an random expectation of resistance today:- Above 5305 today and my view is prices are moving higher into Friday (Rising Weekly Trend into Friday)"
SPI 10:09 intra-day report
"We have a breakout pattern on the SPI (above 5305) expectation price is pushing up 44 points (5351), but today now has a random length....
Random price action today is based on moving up into 5351, which then 'could' reverse back down and re-test 5305 before continuing higher..."
SPI 16:20
This morning's set-up based on the sycom close:- a push down to 5256 and then trade up towards 5305, however the SPI opened much higher than expected breaking the high @ 5305 and moving up 44 points early in the day.
As pointed out in the intra-day report, the break above 5305 and expectation was pushing up 44 points but also reversing back down. Once price had reached 5351,then the expectation was for price to come back down and re-test the breakout....
If price had reversed down into 5305 much earlier in the day, I would have looked for more buying upwards into the close, but the reversal has occured to late in the day to get more buying other than supporting price, which could result in higher prices tomorrow, but i'll come to that later.
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