SPI Weekly and Daily
Expectation that the SPI would have a downward bias, but around 4995 it completed the R42 range from yesterday, which often is enough for the SPI during the day session.
Both the October highs in 2009 & the January highs in 2010 aligned with the monthly highs, and both ‘topped’ out on Thursday.
The exact same pattern has occurred during these quarterly highs with Yesterday’s 'tops', and the highs in US markets (Read previous US recap report below), and so far the usual 8.5 reversal during Globex hours.
To help validate the potential of further downside, Friday needs to continue lower in the DOW and S&P and not have another higher Friday close.
And the SPI opening below next week’s 50% level.
Currently the highs in April is acting as resistance, as was the case in March @ 4939
Weekly report out tomorrow, how to make the most of any further downside.
- Daily Trading Set-ups & Analysis
Posts
