Therefore today’s trading is based on the trend above this level, with an expectation price will move up towards 4684-87.
Expectation price will remain range bound between 4687 and 4657"
SPI Monthly and 5-day pattern.
As was the case 2 weeks ago after the November 50% levels were reached, the break above the 5-day filter (blue) push the SPI higher, along with the expectation that the S&P 500 would continue higher at the same time
Today that same 5-day filter @ 4654-57 provided support with an initial push upwards into target areas of 4684-87, but this time there was a lack of follow though on upside.
When the 5-day filter pattern provided the same pattern 2-weeks ago, the market dynamics was slightly different.
Price was then rising up from November 50% levels, but this time price is trading below December 50% levels, which is currently stalling the market.
At the present there’s no expectation of weakness in US markets until higher timeframe levels are reached in the 4th Quarter. (December)
And the SPI remains in a sideways pattern during this 3-month cycle, but still with the view of moving lower, as per Weekly report.
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