SPI Monthly and Weekly
December 50% level resistance, and today was the first day that the
SPI would be opening below the brown filter @ 4668 since the 4th December @ 4751
A downward trend would have completed the move down into 4615 but
then remained below 4641 and then continued down into Thursday’s lows.
Instead it reversed the range and moved back into the highs @ 4697,
and we once again have more 5-day pattern rotations, which i'm not complaining about. (no long trading today)
However, the SPI just won’t go down.
S&P 5-day pattern in now contracting, which will eventually lead to a breakout of the 5-day range, and I’m betting that’s going to be tonight, and finally get the SPI out of this tight range.
And even though US markets are currently supported, it doesn’t mean the move will be UP on Thursday.
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