Below support and it's a rotation down into the 3-day and Weekly 50% levels (4759-72).
Above support and it's more rotation and small range trading (resistance 4848)
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SPI Weekly and 5-day pattern
All global markets are trading around their October highs (Weekly charts), and these are seen as resistance levels.
This week’s view has been to trade the 5-day patterns, as price is range bound between the Weekly 50% level and Weekly highs.
With today’s open below support @ 4811, the initial expectation was that price was moving down into the Weekly 50% levels.
Once price moved above support, the expectation changed with a R42-44 point rising into 4848 and resistance, and another rotation and small range day.
Unless US markets continue down on Thursday and break their Weekly 50% level, I'm expecting that same tight range trading within the 5-day pattern until the end of this week.
SPI monthly and 5-day pattern
Not much going on in the markets, as price consolidates around the October highs, and probably will continue to do so until November.
As per Weekly report…
“Next Week is simply a view of price being range bound, and any moves during the week will be based on using the support or resistance levels within the 5-day pattern”.
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