Resistance 4563-65.
There is a bias to continue higher, but we have a number of levels on Friday that can stall price from rising and push the market down towards 4517"
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SPI Weekly and daily range
The interesting pattern on the SPI today was the Friday high and ‘sell’ pattern.
This reversal pattern is a retest of the 3-day cycle breakout @ 4517 from yesterday.
If the market is going to find support in an upwards bias it will be around this level, but it will need to be verified with an UP day in US markets.
These Friday high reversal patterns can often lead into a 2-day reversal pattern towards the 3-day cycle lows @ 4429. This will only occur if US markets reverse down from a higher Friday open using the resistance levels:- Weekly and monthly 50% levels
However as pointed out yesterday, a breakout of resistance can often occur on Friday's. if price moves down into the Yellow support levels and then takes out the highs in late trading on Friday US markets will continue higher.... (higher Weekly close above resistance levels)
And the SPI will be back around the Monthly 50% levels.
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