This sets up my view of a reversal pattern over the next 3-days back towards the Weekly 50% level.
Therefore at this stage a 3-day UP move towards the Weekly 50% level needs to see the SPI trading above 3626. (Weekly lows).....
SPI Weekly and 5-day pattern
Once again trade the levels:- Today's trend guide is defined by 3568.
Above and it needs to break 3626:- Resistance.
Above 3626 and the SPI is looking to move as high as the 5-day 50% level.
Below 3568 and it's back down into 3520....
Below 3520 and it's down into 3471."
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SPI Weekly and 5-day pattern
My view is that the SPI is supported around the current lows and I'm looking for a move back towards the Weekly 50% level over the next 3 days.
Today was simply trade the 5-day levels.
It started well with the SPI moving higher from 3568 early in the day...
But once the market opened after 10am sellers entered the market, which coincided with the lift of the ban on short-trading resulting in Resource stocks being sold down, pushing the market down.
Once below 3568, the market path was to continue down into 3520, and below that 3471.
Late short-covering around current Monthly lows.
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