Support 4798
We have a similar pattern as last week, with a bias to rise upwards.
SPI Weekly and Daily range.
My view at the start of the day was that the market was going to rise upwards into another small range day, but with a potential down move into 4798-4800 to begin with.
That down move from 4815 resulted in a break of intra-day support @ 4798 and a continuation down into Tuesday’s lows @ 4762.
Sadly on my part it didn't retest the breakout @ 4798 (intra-day) before it continued down.
Tuesday's lows provided short-term covering, closing the market right on the Weekly lows.
Traders need to be aware that in the Weekly report, the key level is @ 4807 and it’s struggling to get above it.
Depending on the price action in the S&P overnight, any further weakness on the SPI from could see the market continue down towards 4720, as part of a larger reversal pattern towards the start of the 2nd Quarter. (3-month lows)
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