or whether the SPI remains range bound between the 5-day levels.
Yesterday we have a 5-day breakout and a break and extend pattern into Thursday's highs @ 4896
Resistance 4896
If there is any weakness today, then the view is only a 42-44 point range down"
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SPI Weekly and 5-day pattern
Thursday's highs resistance and the reversal was only 41 points down.
As pointed out in the previous report (below), these levels around October highs are completing the break and extend patterns in the 3-month cycles, and I would be looking for short-term pullbacks using the levels in the 5-day range.
However, it is up to the S&P to lead any reversal.
At this point any level is simple a random resistance zone that can be for only 1 day (small range 42 points)
or it can lead in a larger reversal 1-2 days.
It is obvious that the Weekly range is rising up from a lower open so there is a bias for the market to remain with the trend until Friday
We aren't in a higher Weekly open and resistance scenario pattern at this stage.
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