Makybe
Yep a small SPI premium.
As it is the first since June it can be regarded as an outlier perhaps. Outliers (where a single day sees a move to the other side of the zero line) are usually worth betting against.
However for a top we would expect a change to a period of premium closes.
In saying that I still haven't had any touches of 38.2% retracement yet. From their closes today I have XJO/XAO/SPI needing 32/25/29 pts respectively which obviously could be done as soon as tomorrow.
The XJO and XAO figures may be disputed by some as the low prices are in dispute. However the fact that the three are much of a muchness from target says I am probably using the correct numbers.
There are other indications such as my 5 period SPI hitting the trendline down and another possible divergence. Other momentum indicators are as high or higher than ever seen etc.
A top and a pullback and one more new high or double top ahead would be good.
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