Resistance 4781
Support 4735
We have seen the price action this week continually go looking for the brown filter as the market continues to consolidate.
Below support and downside target is 4712"
Premium Trader
SPI Weekly and 5-day pattern
With the market opening higher but no resistance until 4781 the expectation was either price was going to rise up into 4781 and then reverse down into support @ 4732-35....
Or move down into support and then rise upwards into 4781.
As pointed out in the premium report.....
"even though Tuesday reversed down and moved back into the brown filter, whilst price is above the blue channels and 5-day 50% level I will always view these levels as support until proven otherwise"
Because once support fails there is already a pattern that has been playing out for the past 2 weeks:- market rotation into the midpoints @ 4712 and more consolidation until the end of the month.
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