Whenever there is a 5-day high breakout I always look for price to come back and retest the 5-day high breakout the following day.
Therefore today is about price coming back down and retesting the break, which aligns with the 5-day 50% level.
Even though the view is for price to move back down and retest the 5-day 50% level, the 5-day filter channels could support the market @ 3870.
Premium Trader
SPI Weekly and 5-day pattern
SPI opens higher and sells down into Random support @ 3870.
I did expect more weakness today, but that could only be confirmed with a break of 3870.
Looking at price action, it wouldn't surprise me to see a 5-day pattern that consolidates this week above the Weekly highs of 3868.
However, a break below the channel lows and then the expectation changes to a move back down towards 3740
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