Trend guide 3874
Resistance 3911
Below and it’s pushing down into support @ 3846"
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SPI Weekly and 5-day pattern
SPI opened below 3874, which was a pattern set-up to move down into 3846.
Support failed @ 3846, instead moving down into 3834 to close last week's gap, and the SPI closed back above 3846 after rising up from the R44 spiral low.
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The SPI reversed down from the 5-day highs @ 3927 yesterday, and the start of this month is the first time in 3 months that price has opened below the Weekly 50% level.
The previous 3-months price has opened above the levels Weekly 50% levels, and the market rallied towards each monthly high:- April, MAY, JUNE.
Therefore the trend guide is 3846 (July 50%) and at this stage it's not looking like it's going higher.
I also mentioned in last week's report… “that I'll get a clearer view of the
market after another 5-days of trading and the end of next week to see
if there is going to be a 3rd quarter UP move....
That is based on this Friday's close.
For the market to continue up, I would like to see the SPI continue to consolidate around and above 3846, and then open above 3907 next week….
Otherwise the 3rd quarter rise is open to risk.
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