Today I'm still focusing on trading on the Short side.
the SPI opens below the 5-day 50% level from Monday at 3724 the range from sycom needs to close @ 3706.
Once that closes it will be below the 5-day 50% level @ 3713 and also the lower channel.
This favours a down move:- below the 5-day 50% level and lower channel breakout for another push down 44 points"
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SPI Weekly and 5-day pattern
Very cheeky on the SPI today, early morning set-up played out with the push down from the 5-day 50% level @ 3724 into 3706 resulting in price below 3711-13.
My entire view was based on this level to continue into the 5-day lows, as part of the reversal pattern towards the MAY 50% level.
Instead price move up from 3706 and moved back towards the highs.
The HOOK pattern didn't play out until late in the trading day, with the closure below and rejection pattern down from 3711-13 towards the 44 point down move and 5-day lows.
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