At this stage until price closes or breaks out of this range, the view is that the SPI is moving back down into the Weekly 50% level next week.
Today we have the exact same view.
If price is going to reverse down from sycom highs @ 4088, then the day session needs to remain below 4070.
Friday:- resistance 4070"
SPI Monthly and 5-day pattern
4070 stalled price from rising for most of today, but the JUNE highs in the day session stopped the market falling below the monthly highs.
There is an expectation that price will move back towards the Weekly 50% level next week....
However, A Friday close above 4042 can easily see the market continue higher.
It's up to US markets to give the lead on whether the SPI reverses down next week, or continues with the breakout in June and a continuation towards 4400
- Daily Trading Set-ups & Analysis
Posts
