Trend guide 4547
Random support 4507 (Tuesday's lows)
Random resistance 4591-94 (Tuesday's highs)
SPI Weekly and Daily range.
Early push downward on Tuesday, but then the stock market rallied after China reported strong industrial production.
This saw the market move towards Tuesday’s highs @ 4591-94, stalling, and reversing down, which aligns with the Weekly level @ 4576.
As noted in the Weekly report, I’m looking for a short-term counter-trend move upwards, but I would have preferred it happening from the June lows @ 4460, and also the S&P rising up from 1259.
That exact 'bottom pattern' hasn’t played out…
Therefore the rest of this week is simply defined by the Weekly level @ 4576.
If above 4576, the market is closing the gap from 2 weeks ago, with the first target the Weekly 50% level, and could go as has as 4697
- Daily Trading Set-ups & Analysis
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