Resistance 4944
Expectation that Monday is moving down into 4807, which fills the gap from last week and moves into higher timeframe support levels.
SPI Monthly, Weekly and Daily range
As per Weekly index report, looking for a Gap closure down that matches the
critical support levels in the SPI for MARCH:- 4807.
This was set-up with Monday's rejection pattern @ 4844
As per Weekly report, the larger timeframe cycle suggest further gains using
4807 as support ;- orderly patterns towards new highs, as long price remains
above 4807
However, that can quickly change if the S&P shows further weakness whilst it's trading around it's 2011 highs, and during Globex hours on Monday, price is being rejected down from it’s Weekly 50% level @ 1322.25
Resulting in the SPI now trading below critical support levels during the month of March
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