SPI Weekly and 5-day pattern
July highs reached and there are a number of 'gaps' that could be closed on the downside.
Today's higher open and 'sell' down closed yesterday's gap.
We have seen the previous 3 months reverse down towards the Weekly 50% levels, and we can see where this level is currently @ 3947.
If the Market is going to move down then the SPI should open below 4067 next week and break the 5-day 50% level in early trading:- higher Weekly open and Sell down into the Weekly 50% level and lower Weekly close.
However, there is a 5-day breakout pattern, which is now currently supporting the market @ 4065, along with the potential to move towards Monday's 5-day highs if US move upwards.
As posted below... S&P has hit the July highs and stalled, but Thursday has closed above the 5-day highs, which often can see a move upwards on Friday.
At this stage, I don't have an bias of which way the market will go, other than knowing that on the previous 3 occassions that price reversed down( April, MAY and June) price wasn't trading above the 5-day highs.
Weekly report out tomorrow
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