This level can act as support, (monthly breakout) or the SPI is going to continue down and move back towards 4255 and the 5-day lows.
Trend guide 4328
Random resistance 5-day 50% level @ 4358"
Premium Report
SPI Weekly and 5-day pattern
Today I was bearish on the market, and I did have an expectation that price would continue down into the 5-day lows @ 4255, as part of last Friday's highs.
However, I acknowlegded that because of the August high breakout, price could actually find support and even continue higher.
Once price started to above 4328 the market was moving back into the 5-day 50% level @ 4358:- random resistance but no follow through.
It will be interesting to see how price responds to these August highs, because Tuesday's failure to sell down and continue down from the 5-day 50% level after retesting the Monthly highs could see price moving back upwards.
That's going to be dependant on how US markets respond to the 5-day low breakout on Tuesday.
- Daily Trading Set-ups & Analysis
Posts
