SPI Weekly"I expect the SPI to remain flat a probably below the June 50% level, but then look for higher prices as contract expiry follows the next week" ...Previous Weekly report
Trading below the 3-week lows and June's 50% level the expectation was to push downward this week, and now in the week of expiry the expectation is price is going to rise upwards into Friday, but then mostly likely continue lower in the next Quarter.
If the SPI follows the June month, then it will continue down into 5100, and then probably continue lower towards 4862, but at this stage I would lean more to the SPI consolidating for a couple more weeks, with the best set-up selling down in July.
July's 50% level and the start of the next Quarter is going to define whether the 3rd stage of the bear trend continues. The first stage was the January breakout down into March lows. the 2nd stage was the counter-trend move up into MAY, and now the 3rd stage is about the unfold in July.
SPI DailyNext week's price action is going to be determined by the Weekly 50% level and the 3-day cycle.
At this stage the view is to continue lower, but if US markets move upwards next week then the SPI will be continuing upwards into Friday (random length)
http://usindexweekly.blogspot.com/2008/06/dow-s-weekly-report-14th-june-2008.html
SPI 5-day pattern"Early next Week: trading below 5485 and look for 44 point rotations and resistance"
Previous Weekly Report
Last week was all about the 5-day lows @ 5485.
Once below that the expectation was price was continuing lower in the 5-day pattern down into 5345, along with some ideal 44 point money pattern rotations throughout the day and counter-trend move upwards on Wednesday and Friday.
- Daily Trading Set-ups & Analysis
