Therefore I'm still treating the SPI as range bound between support and the Weekly 50% levels.
Spiral filter @ 4638"
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SPI Weekly and Daily range
Price opened on the first support level @ 4614 but failed on two occasions to break above the spiral filter @ 4638.
The market was then pushed down into the Weekly lows @ 4602 ( 42 points down), and then a late push down towards Wednesday's lows.
As per Weekly report:- expectation that market will find support but not necessarily move higher, instead remaining in a tight 5-day range around support levels.
Depending on the price action in US markets on Wednesday, this current price action completes the Break and extend pattern from the previous Weekly lows down into this Week’s lows @ 4602.
Because of my view that the market is range bound this week, I now have the expectation that the SPI will try and swing back towards the Weekly 50% levels by Friday, which matches the February 50% levels next week.
That will have to be helped by a higher daily open above today's highs, otherwise it's following the larger trend reversal lower towards January's lows @ 4514.
At this stage I still favour a double monthly pattern down into the Feb lows, because the current price action is acting like it should continue down, but I would prefer the market continue down from resistance in February and not just continue down this week.
The further it goes down in January, the further it goes down in February.
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