These levels are viewed as resistance.
Expectation that price is moving down to retest Tuesdays' breakout"
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SPI Weekly and 5-day pattern
SPI reversed down on Wednesday from the monthly 50% level @ 3498 and completed a retest of Tuesday's breakout.
Even though the Monthly 50% level is a major resistance level, which could stall price for the rest of this Month (or not)….
Based on the Weekly high breakout this week, I would treat the market as consolidating between both the Monthly 50% level and the Weekly highs for the rest of the week, and move into a 3-day sideways pattern until Friday.
US markets still have further upside in March, so there is still a possbility that there are higher prices, but I personally wouldn't be adding long positions at these levels without some short-term pullback.
You should are already long from March lows and holding with a partial exit around today's highs and keeping an eye on how prices react to these levels and the April 50% levels.
For Day traders it doesn't matter, simply trade the 5-day trend, levels and use the Spiral points.
Trading SPI June contracts from tomorrow.
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