Resistance:- 4843
Random support 4811.
Once again price is trading near the brown filter @ 4825, which could result in another consoliodating trading day"
SPI Weekly and Daily range
SPI continues to consolidate in a tight 5-day range with an upward bias towards the March highs.
Early rise into resistance and choppy price action between resistance @ 4843 and support @ 4811 on Thursday.
The 3-day cycle is the trend guide @ 4793, and next week's highs begin to match the March highs.
If there is a change of cycle (break 4793), then the expectation is a rotation towards next week's 50% level.
The S&P 500 hit the Weekly highs on Wednesday and has reversed down
8 points but not enough follow through to think it’s going to continue lower towards the Weekly 50% level.
If Wednesday's high reversed down and is trading below the Thursday
50% level @ 1137 I would normally treat Thursday as a down day
(lower Daily close)
Volatility is painful at the moment.
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