At this stage my view is that price is going to be 'capped' below this level for the next 5-days, until the end of the month.
This resistance level will shift once the next month begins in December.
Therefore today's higher open along with the view of price remaining below 3548 can see more weakness over the next 2 days, especially if price is trading below the 5-day 50% level @ 3480"
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SPI Weekly and 5-day pattern
SPI trading below 3548, and Monday opened below the 5-day 50% level @ 3480 which sent the SPI down for most of the trading day until 3pm.
"Coming into the last 100 minutes of trading and the SPI has moved above it's brown filter, which could see short-covering into the close whilst above 3399"
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It wasn't until after 3pm that buyers appeared sending the market higher into the close.
Today:- I would have expected more of a down day, along Tuesday opening much lower tomorrow, before any potential up swing later in the week.
This could still happen if US markets sell-off on Monday, however US markets didn't breakout of their November lows, instead finding support.
It will be quiet interesting to see if US markets have an UP day on Monday, and a continuation back towards the Weekly 50% level....
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