Resistance 4832.
SPI Weekly and Daily range.
Expectation that the SPI is following the Weekly trend back down into the Weekly level @ 4767…
However, the daily lows @ 4793 once again formed a support zone in early trading.
4767 is seen as a robust support zone in an uptrend, however my view is that the S&P 500 is moving lower, as well as the SPI, as it rotates down from the monthly highs in February towards the monthly 50% level in MARCH.
And with the SPI already trading near 4767 on Thursday....it's likely to follow the trend down into 4721 (3-week lows)
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