Early price action is going to be defined by 4754-56.
If it's above 4756 then the bias is to continue upwards and complete the move into 4777-81.
Around 4781 becomes a random pattern as price can continue to rise into Monday's highs, or it can stall and move down into a consolidation pattern"
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SPI Weekly and 5-day patternAfter last week’s price action of the 2-day reversal into support (Thursday highs) there was an expectation that today would continue with the move towards the November highs: - Friday 50% level support.
The early set-up was to use support @ 4754-56 and trade towards the R42 highs @ 4777-81.
However, there was the resistance level @ 4777 that was going to dictate whether Monday was going to continue higher or stall and consolidate.
The SPI remained below 4777 for most of the day, but whilst above support @ 4754 there was a bias to have late buying in the market but a lack of follow through into the close.
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