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SPI Weekly and 5-day pattern.
Price moved below 4713 and completed precise 42 point range down into Friday’s lows @ 4682
As pointed out in last Week’s report:- a choppy 5-day pattern with price moving down into the Weekly 50% level by Friday.
In theory the trend should continue upwards and follow higher highs into December.
Ideally using Monday and a Weekly open to validate the support
The only concern with Buying support on Friday and hoping the trend would rise next week is the price action in the S&P 500 and break of the 3-day cycle lows @ 1097.50
If the S&P 500 follows a similar pattern of moving down into the Weekly 50% level, then that about 200 points down, which puts the SPI around the November 50% level once again.
US markets may or may not move down on Friday.
Normally you can align the price action in the SPI with the S&P to pre-empt the move in the SPI, in this case up. However, the price action in the S&P 500 is conflicting, with yesterday’s break of the short-term support levels @ 1097.50
Whilst the DOW at this stage isn't showing signs of the same short-term weakness, which might actually see an UP day on Friday.
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