When price is opening near the 5-day 50% level I would favour a continuation upwards.
If price opens below 4701, then the bias is down into support"
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SPI Weekly and 5-day pattern
Because of Friday’s 5-day low support and trading above the September higher @ 4656, I would normally view the market rising upwards in the first 2-days of the week.
However, for that to happen price on Monday needed to be above the 5-day 50% level and not below it.
Once price opened below 4701 the bias was to push down into support levels.
Monday remained range bound once again above the September highs @ 4656, and moving in it’s usual 42-44 point range.
And if the SPI is going to continue upwards this week, there needs to be gains in US markets, and not breakout of 5-day lows on Monday in the S&P.
The interest part this week will be after the 2-days of trading and Thursday’s open in relation to the Weekly 50% levels as the month of October starts, as the Support levels @ 4656 disappears and there is a shift higher in the monthly ranges.
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