Resistance 4693
Above 4695 and trend bias is to move towards the 4716
SPI Weekly and Daily range
SPI moved up from 4676 hit resistance @ 4693 and then formed a double bottom (intra-day),and has continued upwards in late trading once price moved above 4693/95
The SPI started the day trading below a number of higher timeframe levels:- 4703 (January 50% level), and also the Weekly level @ 4693, which is seen as bearish.
However, the SPI is also opening from a lower Weekly open and support levels @ 4675, as shown in the Weekly report.
This could see the market move back above 4703 if US markets follow my view of starting this week with an upward bias (first 2-days).
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