I would like the SPI move down and test support levels @ 4575-81.
If the market moves down into Support levels, I would have an expectation that the market is moving into a 2-day counter-trend move upwards from next week.
Support @ 4575-81
SPI Weekly and Daily range.
There was a breakout of Thursday’s lows @ 4625, therefore there was an expectation of a break and extend pattern down into Friday’s Support levels @ 4575-81
This was also helped by the market trading below the weekly level @ 4649.
The trend guide @ 4615 formed resistance and pushed the SPI lower reaching support levels on the close of the day
From next week we begin to look for a 2-3 day counter-trend move back towards the ‘gaps’ in the daily range.
That will depend on the price action in the S&P overnight, and whether it continues to hold support levels @ 1301/02.
Even though there could be a short-term counter-trend move next week…I don’t think it’s the lows in the current Quarterly cycle.
Weekly report out tomorrow
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