Below 4927 and expectation of a R42 reversal down, which will close below the 5-day 50% level and part of a 2-day reversal pattern.
Above 4927, and random pattern around Monday’s highs"
SPI Weekly and 5-day pattern.
As per Weekly report, I was looking for the start of a 2-day reversal pattern from this Week’s higher Monday open.
A R42 down move would have placed it below the 5-day 50% level, as part of the first confirming pattern, but once the S&P 500 in the US started to push above 1142 during Sunday hours the SPI followed the same price action into Monday's highs.
Even though I respect the trend around these upper levels in the market, I can't trade longs around resistance levels.
If US markets continue to move higher (above 1142), then the SPI will try and make its way towards 5018.
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