Support 4743"
Premium Trader
SPI Weekly and 5-day pattern.
With today’s open and above support levels @ 4743 (5-day 50% level) along with price rising up from the lows yesterday, I had an expectation that price would continue with a higher move as part of a 2nd day rise from the Weekly 50% levels towards Tuesday's highs @ 4812.
Price was above the channel and not inside the channel (4734), so the only expectation I had was a continuation up.
Instead price opened higher moved back down into support, and kept on going.
We have now a 2nd trading day completed and moving into Wednesday, which will be heavily influenced by the price action in the US on Tuesday. And that's been my view for this week.
"Is the SPI going to continue higher in December, or is the SPI going to continue down?..That's going to depend on the price action in the S&P 500 over the next 2 days " Weekly Report
With GDP figures coming out on Tuesday @ 8.30am NY time, it will be interesting to see how price reacts to the report and what happens if Tuesday begins trading below the 5-day 50% levels in US markets.
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