Therefore the expectation is:- the SPI is trying to move UP towards 3544
Support 3478
based on the current price action I'm bullish for today, but it's high risk to be trading longs below support.
If trading below the 5-day 50% level traders should adjust to the price action:- down into 3423–29 and the Weekly 50% level"
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SPI Weekly and 5-day pattern
I started the day as being bullish because of yesterday's support around the 5-day 50% level @ 3469
There was early support around today's support @ 3478 but no follow through, and once price began to trade below the 5-day 50% level, then the only way was down into the Weekly 50% level, which was matched with the primary range of 87 points:- 3423-29
There was support around these lows today, but there was no follow through because of price trading below the 5-day 50% level which capped the market from rising.
As pointed out previously I'm not yet convinced the market is going higher.
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