SPI Monthly and 5-day pattern
SPI trading below the Monthly 50% level, but as pointed out in the weekly report, I had an expectation that there was a possibility that the first 2-days could be UP.
Above the 5-day filter channel @ 4654, with the expectation that the market would find support and try and continue higher towards Monday’s highs…
Early support but the close below 4664 broke the critical level today, pushing the SPI lower into the close.
At this stage the market remains trading below the higher timeframe 50% levels with an expectation of a larger trend reversal, and if there is going any higher moves this week, it will have to be on the back of US markets going higher.
And it’s not a forgone conclusion, as the DOW has a lower Weekly close below the Weekly 50% levels, which can often push the market lower on Monday.
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