Early trend guide is 4412 with the bias to move down into the 5-day 50% levels"
SPI futures and 5-day pattern
SPI moves up into resistance levels and then continues down into the 5-day 50% level and moves back into the breakout pattern from last Thursday.
I'm bearish on the market since Friday's highs, but it's a bit early to tell if the SPI will continue down.
This is because the current price action is moving back down to retest last Thursday's 5-day breakout, which often occurs:- 5-day breakout (Thursday) moves up into the next day's 5-day high (Friday) and then reverses down to retest the break (Monday)
This price action has completed, and a bullish market would continue upwards.
However, because price has already completed the move in the 3rd Quarter, I would continue to look for short- set-ups at this stage
Because, if I apply the same theory on Monthly timeframes, August highs can reverse back down and retest the Breakout from July.
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