Below the Weekly lows & 4551 the trend bias is to continue down towards Tuesday’s @ 4520, and as far as 4501.
SPI Weekly and Daily range
Early resistance @ 4551 for a number of hours…
However the market didn’t follow the daily range towards Tuesday’s lows, but simply stalled until 14:30 when the Reserve Bank announced there would be no rate rise.
This saw the market slightly higher, where 4581 provided resistance into the close.
I still have the view that the SPI is moving towards the June lows @ 4460-62…
However, any further weakness will be determined by whether the S&P 500 remains below 1301…
Or whether the Weekly lows in both markets (S&P and SPI) provide enough support for Tuesday to close higher, and the SPI opens around 4619 tomorrow.
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