"US markets rally and the SPI could end up back to the August 50% level @ 5233 by Saturday am (sycom close).
Today:- 5-day highs resistance 5145-55
Ideal pattern is for price to come down and close the gap from yesterday's 5-day high @ 5095. (44 points).
Today:- After that closure price could reverse back upwards and continue higher into the 5-day highs.
Note:- 5-day highs (5145-55) are resistance, which means price could remain below these highs all day and reach 5233 based on Sycom moving higher because US markets continue higher.
If there is a 2.50pm rally on Friday breaking the 5-day highs, then the expectation is price is moving back towards the August 50% levels on the last day of the Week & Month :- higher Friday close.
Basically don't short trade above 5155...
Random support 5095 Thursday's highs.."
SPI Daily and 5-day pattern
SPI played out precisely today, but I would have preferred a breakout above 5155 after 2.50pm today, as more buyers would have piled in, and more short covering into the close.
Higher open down into 5095 and reversal back up into the 5-day highs, with the potential of reaching 5233 overnight if US markets continue higher on Friday.
Weekly report tomorrow
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