And if the Weekly trend is going to continue higher this week, then the 5-day 50% level @ 4982 should in theory support the market and continue higher.....
In a bullish up trend within the Weekly timeframe price should rise higher from the 5-day 50% level....
Note:- the only concern is price opening below the August balance point on Wednesday. A break below 4982 and the next level down is 4952-7 (random support)
As pointed out in the Stock Report:- expectation that Resource stocks are moving lower and this isn't helping the index....
If 4952 can't hold there is no reason why the SPI can't continue down towards the 3-day lows today or by tomorrow's open:- 3-day lows are @ 4880"
SPI Daily Recap 16:30
SPI sells off breaking the 5-day 50% level @ 4982 and moving down towards the 3-day lows....
This reversal back down towards the 3-day lows is often a pattern you see, but it's now up to US markets (DOW and S&P) to see if they continue higher on Wednesday, after reversing down from their monthly 50% levels. (Report below)
The Trend remains bearish and my view is for markets to make lower lows in this Quarter, but it's up to US market to follow through on support on Wednesday, which failed in the SPI today.
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