Depending on where the market opens, if price is below the 5-day lows the view is to continue down towards the November 50% levels @ 4576"
SPI Weekly and 5-day pattern.
Lower open and moved down into the November 50% level, which saw the SPI rotate in 42 point RANGES around the lows.
The trend guide on the SPI in the short-term is next Week’s December 50% level.
Whilst below the December 50% level next week there is a bias to move down.
If S&P find supports using the Weekly 50% level and lower Weekly open, which was the original view for any further gains, then the SPI will most likely open above the December 50% level and push upwards into Friday.
Weekly report out tomorrow, based on the price action in the US markets on Friday and whether the Weekly 50% levels hold support.
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