Even though there is an expectation that price can rise upwards from these lower support levels, it will depend on where the market opens in relation to those levels.
Below 4828 the market can push downwards in early into support zones (4796).
Above and the market is rising into 4843"
SPI Weekly and Daily range
SPI is trading around the Weekly lows & near the January 50% level, but below the levels in the daily range on Thursday capping any rotating patterns towards 4843-69
These Weekly levels @ 4782-96 are robust support zones, and can often be the bottom of a ‘downward trend’ and then the market continues higher thereafter.
If this exact same pattern was happening in December then it will normally support the market and continue upwards and follow the trendinto next months highs.
As you are aware I’m expecting more downside the closer we come to the end of the month, and I’m not expecting these levels to hold because of my overall view of 2010 (below 4956)
However, I need US markets to follow and break support next week, because these levels in the SPI don’t often fail during the day session, even though there’s a breakout of the daily lows on Thursday @ 4821.
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