I have modelled another down move into November's lows, but at this stage any down move won't occur until after the end of this Week's trading. Basically any down trend would need to have a Friday close below the Monthly 50% levels and then continue down from a higher Weekly open the following Week.
However, it won't surprise me to see the SPI push back towards it's 3-week highs, which matches the October low breakout.
Today:- 5-day high resistance and expectation of a gap fill on the downside, using either 4360 or 4329.
4263 is random support.
At this stage the SPI hasn't come back and re-tested the 5-day 50% levels this week, and probably won't today.
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SPI Monthly and 5-day pattern
Early sell down from 4329, but didn't reach 4263...
As mentioned in the Daily report, I wasn't expecting any further weakness on Wednesday, and if US markets continue higher on Wednesday, as they look like they will the SPI will continue following the 5-day pattern higher:- 4484
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