Support @ 4565 & 4594
SPI Weekly and Daily range.
As noted in the morning report….
"There is a breakout of Friday's lows @ 4654, which can often extend lower the next day"
Therefore if the market moved upwards in early trading, 4651 was seen as resistance for a push down towards the lows.
Instead the SPI moved downward in early, reaching the Quarterly 50% level @ 4565, which is seen as a robust support zone, as per Weekly report
We also have the completion of the weekly breakout from 4772 down into this week’s lows @ 4582 :- break and extend pattern
Once support was validated and the market started trading above 4590-94, the swing pattern upwards was to close Friday’s Gap @ 4630, and then try and continue towards 4651
And as per Weekly report, my view is for the market to swing upwards from these higher timeframe support levels and retest last week’s breakout.
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