The SPI Today traded off key zones with the failed up move setting up a nice Tap Pattern.

The overnight consolidation at 4280 was where price bounced at support with a move that tested the opening high.

Price then broke below 4300 with a shallow bounce setting the scene for a second failed high.

Guess where the next price bounce occurred?

Bonus points for those that guessed 4280.

Notice the price acceleration when the bounce failed as long traders were forced to cover.

SPI 10-8.jpg (167.91 kb) Click to Enlarge