Along with the expectation that price is heading down into the July lows @ 3584.
Today:- Below 3770-79 and it's down, with an expectation that price should complete the move down into 3749….
With potential move down into Monday’s support levels @ 3730-35"
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SPI Weekly and 5-day pattern
SPI opened below 3770 therefore the first stage of the move was to complete 3749, with then a possibility of a move down into Monday's lows @ 3730-35.
The best short set-ups will need to see the SPI move up and retest those higher timeframe 50% levels (Weekly 50% level) along with higher daily opens:- short trade resistance on a higher Daily open.
And there is still the breakout from Thursday @ 3819 that I want to see retested before the market continues towards July’s lows @ 3580.
However, that will depend on US markets on Monday, because these current 5-day lows on Monday could swing upwards overnight and back towards 3819....
But if US markets continue down, then the ideal short trade set-ups in July to capture the down move might not eventuate, and if that happens then we have to rely on spiral filters to capture some of the moves intra-day, as was the case today.
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