Support 4887"
Premium Trader.
SPI Weekly and 5-day pattern.
Even though I’m bearish on the market, based on where price was opening on Friday (above the 50% level) @ 4887, I viewed Friday as a 2nd day stall with the next leg down potentially beginning next week.
No set-up to trade shorts on open as price didn’t match intra-day resistance levels or a spiral top until around 4912-19
“I won't discount the SPI actually moving upwards and completing a R42 high.
More often than not a down trend will continue from a R42 high and also resistance.
That resistance is now the 5-day 50% levels (4882-87).
Therefore a R42 point rise can match resistance levels.”…...Intra-day report 12:00 pm
Short-term buying support after 3pm and swing back into the 50% levels (R42 points up.@ 4881)....
And Friday ends up a 2nd day stall pattern, and above the Weekly 50% levels.
The potential next leg down will be based on the price action in the US markets coming into the long weekend.
- Daily Trading Set-ups & Analysis
Posts
