4457 provides the perfect levels for resistance in early trading
Random support: 4432 (Weekly 50%)
This could result in the market remaining choppy around the highs for most of the day.
SPI Monthly and Daily range.
SPI remained for most of the day trading between resistance levels @ 4457-64 and the Weekly 50% level @ 4432 until at late move upwards.
My expectation was that the SPI would struggle to rise higher on Friday, but it didn't mean it couldn’t go higher into the close or overnight in sycom
With Friday trading above the Weekly 50% level @ 4432 this can often see a higher Friday close and as part of a rotation towards the Monthly 50% levels.
"If US markets have broken Thursday's highs and the expectation that price is going to continue higher on Friday, that means the SPI is likely to go higher..
However, not necessarily during the day session, but during sycom and Monday opening higher"
We can see our market have major support around the Yearly 50% @ 4295
And I’m still factoring in the S&P 500 continuing to rise upwards as part of a rotation towards their Monthly levels, which will drag the SPI higher in the short-term.
Weekly report out tomorrow
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