Whilst below the 50% level next week, the SPI is moving into a double bottom, but any up trend in the 4th Quarter will be dependant on the monthly 50% level from next week.
Today:- Depending on where the market opens today but the expectation is that the SPI is pushing down into 4622:- Resistance in early trading could be the September lows @ 4701.
Note:- if the double R21 plays out today off support, then the focus is to trade UP towards the filter, and with more short-covering in the last 100 minutes could see price back towards the 5-day 50% level. (4771)"
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SPI Weekly and 5-day pattern
Expectation that friday was going to come down into 4622 and then look for a move back towards the 5-day 50% level.
Everything started out well, with early resistance around 4701 pushing the market down, but not down far enough.
Short-covering rally into the close towards the 5-day 50% level in the last 100 minutes of trading.
The interesting part in all this has been the SPI's closure above September's lows @ 4701 on the last day, and will be trading around the 50% level next week.
Weekly Report out tomorrow
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