With Yesterday's support around 3659 and still trading above the Weekly 50% level @ 3663, then the bias is to move higher and back towards the 5-day 50% level.
At this stage my view is that the SPI will continue higher into the 5-day 50% levels and (spiral tops)"
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SPI Weekly and 5-day pattern
US markets moved up on Tuesday, therefore my expectation was a consolidating trading pattern over Wednesday & Thursday between both Weekly 50% levels with an UP bias
My next short set-up and continuation down was based from Friday:- higher Daily open using resistance as a ‘short’ set-up.
That will depend on where the Market opens.
Or it could have aligned today using both the Weekly and 5-day 50% levels and today’s spiral tops…
But instead of reversing down as was the expectation a number of day's ago, that wasn’t going to happen once the R44 range closed above the channel highs @ 3723, resulting in a HOOK an break pattern
Tomorrow is Friday and I'll see if there is any ideal Short-trade set-up to take.
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