especially if the S&P follows a double Weekly low pattern (Read US report)
Previous Weekly report
SPI Monthly and WeeklyThe SPI opened below the Weekly level @ 4703 and moved down, as the S&P followed the double Weekly low pattern.
Once the S&P failed to continue down below the Weekly low (FAKE break), the SPI moved back above the Quarterly 50% level @ 4649, and then towards the short-term highs (5-day range)
I favour the trend to rise upwards, however, there isn't a robust set-up to BUY and hold as yet.
Things need to be validated, and those patterns begin with a move above the June 50% level, and then followed by the breakout of the Weekly highs.
As we can see the Weekly 50% level and June 50% level align as of next week...(Wednesday)
And those levels will determine whether the trend moves upwards, as the market remains above the Primary and Secondary 50% levels....
or is once again rejected back down from the monthly 50% level towards the June lows.
