SPI is opening around the 5-day highs 3534-46.
Depends on where the market opens today, as price could sell off on open from 3534, or actually push upwards 22-27 points and then reverse down.
Therefore the expectation is for these levels to be resistance, but I'm not expecting too much downside:- a simple 44 points would be nice into 3490.
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SPI Weekly and 5-day pattern
SPI opened higher and moved back down into the Weekly 50% level.
The SPI didn't open high enough to get into shorts, and price didn't move up 22 points to get into a inverted trade to trade the down move today.
The Weekly 50% level @ 3473 supported the market all day, but the UP move back towards the highs didn't occur until after the market had closed.
All the upside action occured in the last 20 minutes.
Price action so far still favours higher prices by Friday.
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