SPI 16:20Yesterday completed the reversal back into the November 50% levels, and the first sign of a reversal is a break of the 5-day 50% level.
A bullish day would have bounced off 4208 and moved back above towards 4263 and higher.
An unwinding pattern of any reversal is how price reacts to the 5-day 50% level, and that wasn't a good sign today.
As long as the SPI remains above 4173 tomorrow then this weekly pattern will consolidate.
Below 4173 tomorrow, and things are starting to unwind.
At this stage price didn't react as if it was bullish, but doesn't mean it can't go higher tomorrow.
Note:- As previously stated, a close below 4315 this week and I'd be leaning to more weakness next week :- higher Weekly open and selling down from the monthly 50% level
This will align with Wednesday's 'gap' close (possibly tomorrow) and then look for any 'selling' patterns next week.
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