There is a breakout of Wednesday's lows @ 4430, so there is an expectation that price is following the trend down into Thursday's lows @ 4339
Trend guide 4394"
S&P Weekly and daily range.
Today completes the break and extend patterns with today’s lows @ 4328, however the same pattern in the 24 hour market is much lower @ 4109.
This month has seen the Weekly low breakout in MAY and below the MAY 50% level @ 4761
Extension down into MAY lows @ 4457 and then a 3-day counter-trend move back into the Weekly 50% level last week.
The continuation of the down move was helped by last Thursday’s highs in US markets and expected reversal down into a lower Friday close.
Test and reject pattern last week (Weekly 50% level):- Break and extend pattern has completed into the Weekly lows @ 4328.
And US markets are going through the same patterns towards their own Weekly lows, and if that's the case then the SPI is moving below today's lows.
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