if below it's moving back down into 4583 (random support & target)
above and the market can rise upwards and into the resistance levels @ 4648/50
SPI Weekly and Daily range.
Market rose up from 4624 and hit resistance @ 4648, matching Weekly and Daily levels, but late buying saw the market above those levels.....
Whilst the SPI was trading below the Weekly timeframe (4648) I had the expectation that it was trying to move towards the MAY lows.
Overnight, the S&P didn't continue with the Weekly break, instead it rotated
back towards the MAY 50% level @ 1324.50 and stalled.
Therefore it hasn't closed above key levels on Wednesday to help validate
more strength in the short-term:- towards the Weekly 50% level @ 1341.50
That can obviously change overnight, and that's going to determine whether the SPI continues higher.
Whilst the SPI is above 4648, the trend bias can continue up towards the Weekly level @ 4703, and as high as the Weekly 50% level @ 4765.
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