the 5-day 50% level matches the higher timeframe levels:- @ 4653. Resistance
I mentioned a couple of days ago that the SPI could remain below these levels for the rest of the week and then continue down next week as the 3-day highs catch up with price.
However, that will depend on a potential HOOK pattern in US markets in Thursday's trading"
SPI Weekly and 5-day pattern.
Resistance and early selling pressure @ 4653 but no follow through on the downside towards 4614 or lower.
Whenever the 3-day lows catch up with price, this can send to market lower when the new week begins.
However, US markets are back above key levels with Thursday’s trading, and it won't take much for the SPI to be trading above those levels.
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