SPI Weekly It's not often the Index markets drop lower the week of expiry of contracts, more often than not prices rise up into expiry and then continue lower if the overall pattern favours that move. The pattern I was looking was a move up into July's 50% level and then continue lower next month or after contract expiry.
But as the saying goes...."same,same but different".... the view of lower prices was going to occur once prices topped out in MAY, but whether it goes lower in June or July it's not all that important, because i'm not ready to move into stocks just yet looking for the next monthly counter-trend move upwards.
That will occur on the next double monthly low pattern, which more than likely looks to be occurring in July where once again i'll be moving back into Financial stocks.
As pointed out in the Stock Report:- I've already noted where my BUY levels are on all 4 banks.
http://aussie-stocks.blogspot.com/
SPI DailyTherefore the view is for prices to move down into June's lows @ 5100, and then continue lower into July's low.
SPI daily and 5-day patternLast week's view of higher prices into the Friday was looking good once price crossed over the 5-day filter @ 5352 kicking higher on Wednesday, but once price crossed back under 5379 on Friday then the market was heading down into the 5-day lows.
Next week:- Monday is going to be simply defined by 5230.......
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