At this stage I'm factoring in that price will remain below the 5-day 50% level in early trading.
If price rises up and into the 5-day 50% level, then there is less resistance at this level today, especially in late trading...."
Today's report
SPI Daily and 5-day pattern 16:20
The early report sounds a bit cryptic, but if you understand intra-day price patterns, the early price action favours a 'down- move' (44 points), before any potential UP move can play out...
SPI opened at early resistance @ 4951 and sold down into an R44 low... reversing off 4911 and rallying higher:- best long patterns are when prices are rising up from support or R44 low patterns, as was the case today.
I haven't seen this much volatility in 1 day for a couple of months with nearly 7X44 points ranges of nearly 300 points in price patterns on Thursday.
SPI Spiral filter and 22 point range bars.
But regardless of any morning reports, traders simply introduce Spiral filters and trade rejection patterns:- A rejection patterns moves away from the spiral filter and travels a minimum 44 points.
SPI sold down from 4951 into an R44 low, reversing off the spiral filter and rallying higher....
a 2nd long pattern was once again confirmed @ 4990 at the top with a 'test' and reject pattern sending the SPI higher once again with a 3rd R44 range bar...
Then in late trading and reversal back under the filter @ 5028 sending the market down into the close...
it's not often you see nearly 20X22 point range bars in 1 days trading...
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