There is an expectation that September 50% level will remain resistance for at least 2-Weeks.
Today's lower open can be classified as part of a 2-day stall at the start of the trading week, which often comes back and re-tests the 5-day 50% level before any new trade develops.....
The 5-day 50% level on Wednesday is veiwed as random support:- which means it could support the market for a period, and if it breaks then its heading down into 5041, which matches the Weekly 50% level.
Note:- By looking at the Weekly chart and the Monthly levels, we should be reminded that the SPI can continue lower into Friday, especially if it breaks the 5-day 50% level.
Today it's all about the filters"....
SPI Daily and 5-day pattern...
SPI Reverses down from it's open @ 5152 using the Dilernia principle of 'open trading'...
continues down into the 5-day 50% level @ 5097, breaking and continuing down into the Weekly 50% level finding support....
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