Trend guide 4790
Below 4790 and expectation the market is moving down 42 points towards the 50% level @ 4752.
SPI Weekly and Daily range
The SPI didn’t align with resistance levels today, but the selling took place once price moved below 4790.
The market has moved down further than the 5-day 50% level and into the Weekly 50% level @ 4741, finding support.
As pointed out in my new book….
Price moves up into the Weekly highs and then reverses down into the Weekly 50% level…and then continues towards the monthly highs later this month, using previous monthly support @ (4675)
Therefore I’m expecting the SPI market to continue higher, based on the current price action, but US markets aren’t in synch.
The S&P is completing it’s Primary cycle top, that could see a reversal pattern towards lower Weekly levels (patterns need to be verified with less timeframe set-ups)
Public holiday in the US overnight won’t provide too many leads other than the S&P reversing down from my first resistance zone, as stated in the Weekly report @ 1291.75 (high @ 1291.50 during globex hours)
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