SPI Weekly and 5-day patternSPI closes @ 4051.
In fact it closes below the Yearly lows @ 4232, the Quarterly lows @ 4160, and one of the most robust support patterns within the Weekly range, price closes below the 5-day lows @ 4083.
It is not very often that you'll see the SPI not rise upwards from the Yellow support levels.
Weekly Report tomorrow.....
DOW S&P 5-day pattern
Thursday breaks support and price contines down into Thursday's lows...
The same breakout pattern as Tuesday.....
SPI Daily and 5-day pattern 17:00
There was on probability on today's direction, with Thursday moving either side of 4343, and a late sell down into the close.
DOW S&P 5-day pattern
Both US markets followed the rotation back towards the 5-day 50% level on Wednesday on the news that %rates were cut, but once again followed the 5-day pattern lower.
The range volatility within the 5-day pattern over the past few days has been tremendous, and yesterday's price movement followed the pattern which often occurs during normal times of rotating back into the 50% levels and then continuing lower.
The trend within this 'weekly' timeframe is defined by the 5-day 50% level, and whilst price is trading below all higher timeframe support levels in 2008, there is nothing to guide traders on the way down other than using the 5-day pattern.
At this stage the S&P looks to be continuing down into 933 (2007 3-year lows)
SPI Weekly and 5-day patternSPI moves down into the October lows (support) and swings back into the 50% levels, helped by the 1% cut in interest rates today.
October 50% level is still the trend guide of the rest of this month, but at this stage it's following the Weekly report of the October lows supporting the market for this current month.
S&P Daily and 5-day patternAs per Weekly report:- the breakout of the 3rd Quarter lows on the close of Friday last week has sent US markets down into the October lows.
SPI Weekly and 5-day pattern.
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