However, the SPI will be opening around a R42 low @ 4842 and in my opinion will rise up into resistance levels...
SPI weekly and 5-day pattern.
Expectation of the trend continuing down should have risen upwards, but stalled at the Weekly and 5-day 50% levels (4871-75) and closed lower.
However, once the R42 closed above those levels (HOOK) the bias was to continue upwards, which wasn’t part of my original view, but I did mention that in the US Weekly reports.
“The price action on Friday can often set-up further gains at the start of next week: - Daily support and above the Weekly 50% levels and the continuation of the Trend (UP)”
Therefore if US futures follow the same pattern then the SPI will probably continue higher on the back of the Financials towards the January highs.
If US futures have a lower daily close (globex session), then that could set-up Tuesday as following my higher timeframe reversal pattern (break support)
Note:- Currently the SPI is still in a 3-day 'Sell' cycle @ 4907
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