However, the spiral filter once again doesn't provide an ideal set-up to trade longs, as it's trying to push the R42 range down towards 4407 to 4393
SPI Weekly and Daily range
SPI remains trading above the Weekly 50% levels but today ended up choppy as the ‘Range’ was trying to push downward most of the day towards 4407 to 4393
Whilst the SPI remains above the Weekly 50% levels the bias is to continue upwards….
As mentioned a number of times of already, 1099.50 is resistance on the S&P and Wednesday’s price action may have ‘topped out’ the current up trend during July, however that is yet to be seen.
At this stage there is nothing to help validate that continuation of the trend going lower unless Thursday breaks key support levels in the daily range.
- Daily Trading Set-ups & Analysis
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