SPI Weekly and 5-day pattern
Major support on the SPI around these levels in December, and in the 5-day pattern the brown filter has been the driving the SPI lower since last Friday.
Early support around the higher timeframe 50% levels, and the expectation was that price would push upwards into 4696 to complete the R42 high.
Once around that level it became a random pattern, either price continues higher and follows a move higher on Tuesday, or price drifts back down into support levels and consolidates.
As been the case since last friday, the brown filter has been capping the market from rising higher.
Last Week had a bias to move upwards in the first couple of days because there was an expectation that US markets would move upwards in the first couple of days.
At this stage the SPI is consolidating around support levels waiting for US markets to complete the 2nd stall/reversal day on Tuesday.
Once Tuesday it should give traders a better idea on which way the market is going into the end of the year.
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