SPI Weekly and 5-day pattern
5-day lows @ 4653 on Friday and the September highs @ 4656 support the SPI sending the market back into higher highs, which was much higher than I expected today
At the start of the day I was bearish because of the price action in US markets, but if the 5-day lows don’t break price will swing back towards the 50% level.
Expectation was Set-up A lower open and rest the 5-day lows on Friday with the expectation they would fail.
The up swing wasn’t unexpected towards 4705-12
Set-up B:- was a bounce off 4653 (Friday’s lows) and back above 4663 would more than likely swing the SPI back into the 50% levels:- 4705-12
Normally I would look for a swing back into the 5-day 50% level and for the market to stall, and even reverse down into the close:- SET-UP C
As pointed out in the Report, if it starts to trade above 4705 (intra-day spiral filter) there was a potential break on the upside towards 4745.
- Daily Trading Set-ups & Analysis
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