Whenever there's a lower spiral point (R42 low) it is often hard to 'short' trade because price will normally will try and rise upwards.
Because the R42 is still trading in Wednesday's range, to move into Thursday's range the R42 range needs to complete. That means that Wednesday's levels are still used as resistance on Thursday"
Premium Trader
SPI Weekly and 5-day
Small range day trading above the 3-day high @ 4761 and below Wednesday's resistance levels.
My gut feeling was that Wednesday's highs were going to stall price and Thursday would actually have a reversal day down into 4722.
Instead the reversal day ended up a 'stalling' day above the breakout @ 4761
For the market to continue higher, the R42 range had to complete @ 4802, which in theory would have been a breakout of the 5-day high from Wednesday that would normally have continued higher and another 42 points into Thursday's highs.
Sadly Thursday ended up neither, not down into 4722 or up into 4840
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