SPI Weekly and Daily rangeSPI trading around previous resistance @ 4975, but above the Daily high @ 4962 resulting in tight trading day.
Slight push upwards into previous level @ 4982, but most of the day the market remained below 4975.
The Daily HOOK bar above the Weekly 50% level @ 4950 can often result in a trending pattern back towards the highs by Friday.
However, as noted in the previous report below, I’m bearish on markets after Tuesday’s price action in US markets, but there is nothing to help validated that move unless Wednesday breaks the daily 50% level.
If US markets have another UP day, then the SPI is following the HOOK pattern back towards the highs.
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