Above 4275 and price is moving up towards the the August highs @4313 (resistance)
Below 4275, and the bias is to move down towards the R42 low @ 4233 & the 5-day 50% level @ 4218"
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SPI WEEKLY AND 5-DAY PATTERN
Early open above 4275 and I thought that price would move up and complete the August highs...
But once below 4275 there was a bias to move down from the spiral top, resulting in a continuation down into the 5-day 50% level.
As pointed out in yesterday's recap, I'm looking for a rotation downward into the August 50% level this month, as part of a 'retest' of the July breakout.
I'm not sure of how quick that's going to be, it could happen in 1 week or it could take until the last week of August for that to play out.
My view still stands for higher prices in the 3rd quarter, but I want to see a lesser timeframe pullback this month to verify the breakout.
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