Resistance 4058
Random support 4014 "
Premium Trader
SPI Weekly and 5-day pattern
SPI Trading around July highs @ 4067. (high 4066)
These Monthly highs have stalled the market over the past 3 months
and could do the same.
That will mostly likely occur with a 5-day high rejection pattern and price trading below the 5-day 50% level.
That 5-day 50% level jumps up tomorrow @ 4013..
Each monthly high was confirmed by a matching 5-day high, and at
this stage there hasn't be a test of the 5-day highs this week.
Current 5-day highs @ 4067, and matching the Monthly tops
However, 3rd Quarter Thrust patterns can breakout and continue to move higher.
If price is trading above 4067 tomorrow it will also be above the
5-day high tomorrow, which normally leads to a breakout and
continuation upwards.
What do we also notice above the previous reversals down from the
Monthly highs, and even the March Lows...
They all started from higher Weekly opens (or lower Weekly open in March) and at this stage that's not the case.
A number of critical patterns are starting to line up, which should give
traders including myself an idea about the direction of the market.
Pullback or continuation of the trend UPwards...
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