SPI Weekly and 5-day pattern (day session)
This week has seen the SPI remain below a number of key levels @ 4575.
Below the 3-week lows
Below the 3-day highs
Below the 3-month 50% levels
All at the same price @ 4573-76, so this level was an extremely key level for the rest of this week & probably the month.
Therefore any UP trend to continue needed to be moving above this level and heading towards 4610 (R42 points), continuing towards Friday's highs.
Trend guide and support 4561 today (5-day 50% level).
This was helped by US markets moving above their weekly on Thursday following the B SET_UP
My Preferred pattern today was a rally on open and continuation of the trend upwards on open towards the Weekly 50% level.
Instead it was choppy around the top for most of the day around 4575 with late buying but a lack of volume until the market closed @ 16.10 and then progam trading kicked in sending the SPI higher into the close.
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