often price can move down 27 points before reversing upwards.
I'm not expecting too much movement today other than another consolidating trading day.
Weekly 50% level is still the trend guide for this week"
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SPI Weekly and 5-day pattern
SPI pushed down on open 27 points and remained below 3706 for the entire day resulting in a consolidated trading day.
It remained below the Weekly 50% level @ 3681 for most of the trading day until the market closed, and then the futures market pushed the closing price back above the Weekly 50% level at the end of the trading day.
Two important patterns on price action in the US and on the SPI....
Firstly the reversal down from the January 50% levels on Tuesday (read S&P report below), and it has been the first time in nearly 5 weeks that there hasn't been a reversal back towards the 5-day 50% level during the trading day on the SPI.
And I can't see too much upside in US markets on Thursday......
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