Therefore, there is now the expectation that the SPI can move up towards next week's 50% level.
Random resistance @ 4832
SPI Weekly and Daily range.
SPI has moved down into the trailing Weekly support levels @ 4767, after Monday’s break of the 5-day lows
As mentioned in yesterday's recap... 4767 is a robust support zone in the SPI, but
only after 1295 plays a supporting role in the S&P 500, as it did last night, and as it has done so for the past 6 months since September 2010.
Currently we have a short-term counter-trend move up from the current lows, and back into yesterday’s level @ 4832 (random resistance), also forming a higher spiral filter which pushed the SPI back down.
And the market closes near the middle of the Weekly range @ 4824
Weekly report out tomorrow.
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