Resistance 4883-89
Below 4863 and trend guide is to continue down into 4841 (random support).
SPI Weekly and daily range.
As noted in yesterday’s recap and today’s price action…
Trend bias is to continue down helped by today’s higher open and rejection from today's resistance levels, as part of yesterday's 5-day break and extend pattern towards today’s lows.
Once again my view is that there’s a larger timeframe reversal pattern in play that could see the next 5-days rotate towards lower support levels.
We have another 5-day breakout on Tuesday @ 4863, which once again can extend lower on Wednesday, unless the S&P 500 closes higher.
Anything below the Weekly 50% level @ 4824 this week, and trend bias is to towards the Weekly lows.
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