Trend guide 3935
My expectation is that price will reverse down, but as pointed out last week, we need to see price trading below the 5-day lows to confirm any lasting reversal"
Premium Report
SPI Weekly and 5-day pattern
Higher open on the SPI around the MAY highs and selling breaking support around 3935.
3935 became the trend guide and expected resistance, but there was a lack of follow through on the downside on Monday.
We can see the shifting Weekly 50% level moving higher @ 3856, and until price is trading below that level, there is nothing to stop the SPI moving up towards the Weekly highs @ 4040-56.
However, it's the first time in a couple of weeks that price has closed below the 5-day channel lows @ 3935.
- Daily Trading Set-ups & Analysis
Posts
