However looking at the price action of the SPI over the past 2 weeks, there is a pattern of higher daily opens closing lower, and lower daily opens closing higher (consolidation).
Today is a higher daily open.
Simply trade the levels:- resistance 3676"
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SPI Weekly and 5-day pattern
Higher Daily open around resistance sent the SPI back down into the 5-day 50% level and further...
The rest of the trading day remained below 3610 and above support @ 3576.
SPI Daily and CBA MonthlySPI has been consolidating for the past 3 weeks, including these past 4 days.
Higher daily opens followed by lower Daily closes, and lower Daily opens followed by higher daily closes.
At this stage the SPI isn’t anywhere near 3770, and the only way the SPI
is going to get that high this week is to see a rally on US markets
on Thursday (not break support)
US markets have hit their 3-week highs and have slowly drifted back
down.
And depending on where the SPI opens it could be a lower Daily open
with the bias to rise upwards into Friday (as long as it's above the Weekly 50%)
Our market has been dragged down by Financials, and the only way the
SPI is going to rotate UP towards 4051 in December is to see Financials
find support around their December lows this week, and begin to
rise upwards from next week.
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