spi update

Prices are now at a critical juncture.

Sup: 4955,4935,4913*,4892*,4857

Res: 4993*,5006,5034*,5055

Prices today nudged resistance at 4993 but were unable to close above this point.

Price behaviour from here is important in terms of what it would say about the medium to longer term picture.

Rejection that results in a break of support at 4892 would give the recent recovery a clear corrective pattern and would strongly suggest a break of recent 4758 low, with significant follow through downside risk below this point.

Alternatively, renewed work above 4993 and a daily close above this point would question the bearish interpretation and would necessitate a rethink.

Gains through higher resistance at 5034 would provide a further very positive indication.