A higher Weekly open and a break support from yesterday @ 4273 should continue down towards the 5-day lows
4253 is the trend guide…
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SPI monthly and 5-day pattern
Early sell down on open but price couldn't remain below 4253, instead late buying has pushed the SPI back into the monthly highs and Tuesday's highs.
After a higher Weekly open and yesterday's sell pattern from the 5-day highs I was expecting more weakness.
All previous reversals in April, MAY, and June began from monthly high resistance, a higher weekly open and all reversed down from the 5-day highs.
Even the start of July started from a higher Weekly open and the 5-day high, pushing the first week downward before the price rally and 3rd Quarter UP move.
This week was no different & Monday highs @ 4307 set-up the move for a continuation down towards the 5-day lows, as part of a monthly reversal before the trend continued higher in the 3rd quarter.
Instead price bounced off the channel lows @ 4251 and once the R42 closed back above 4279, the bias was to follow the 5-day pattern into the highs once again @ 4318.
Depending on US markets:- Yearly target could be reached this week, which is a bummer.
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