Support 4309
Weekly 50% level @ 4332 (trend guide)
SPI Weekly and daily range.
Trend guide today was based on the Weekly 50% level @ 4332…
Anything below was seen as a reversal pattern towards the 10-day 50% level @ 4309.
Once support was confirmed @ 4309, the market moved into a consolidating pattern of 21 point ranges below the Weekly 50% level @ 4332 until late trading.
Above 4332 has seen a move towards Thursday’s highs during sycom, which is precisely a 42-point rise @ 4251 from today’s lows.
I was expecting the Weekly 50% level to send the SPI back down into
the July lows, but the S&P's rally and daily close above the Weekly 50% level can see more short-term gains.
S&P's rally didn't begin from any higher timeframe support levels during
July, which is a bummer....
As I was looking for swing patterns back towards the monthly 50% levels in July but only after hitting July's lows first
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