However, just like yesterday, unless it is below the support levels @ 4738-40, it doesn't favour my expectation
Trend guide 4761
Resistance @ 4787-90.
SPI Weekly and Daily range…
4761 provided support in early trading, but it failed to continue upwards, as the higher timeframe support levels continue to form resistance levels this week.
It wasn’t until late in the day, that saw 4761 provide support once again resulting in a higher daily close.
The expectation of the down move in the SPI isn’t being helped by price action in the S&P 500.
As suggested in the Weekly report, the trend bias in the S&P 500 is to continue higher, which is helping to keep the Aussie market afloat.
A fake break pattern in the SPI will be helped by a breakout of the daily highs, as the market moves above the Weekly level @ 4786
And currently this looks like it could happen overnight, if the S&P 500 continues to push up towards the Weekly highs.
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