SPI Weekly and Daily range
4830 was the critical level today.
There is a Weekly low breakout @ 4831, which in theory should remain below that level this week and then continue down next week completing the break & extend pattern into next week’s lows, which is part of the larger timeframe cycle rotation towards monthly 50% level.
However, if above 4831 today then my expectation was a gap fill towards 4876 and possibly a swing towards the 3-day highs @ 4921.
Therefore it was a simple case of trading on the side of 4830 and take the first 21 point move down.
If US markets continue higher on Friday based on positive GDP numbers, then the GAP fill will occur on a higher Monday open around next week’s 50% level.
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