SPI Weekly & Daily chartsSPI drifted back down into the June 50% level and consolidated around that level for most of the Week, however with US markets selling off on Friday and a jump in Oil, the SPI will open much lower next week and head down towards the Weekly lows.
Back in March I reported to trade up into May's highs and exit all stocks and move into cash positions, as I don't want to be trading stocks in June.
Now it's a waiting game on when to re-enter stocks and once again look for price rotation from lower prices:- The Stock Report
SPI Daily and 5-day pattern
This week was once again ideal 5-day pattern trading :- rotate and extend whilst the bias was to move down and consolidate around June 50%
Next Week:- 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.
Early next Week: trading below 5485 and look for 44 point rotations and resistance.
If above 5485 push back towards 5528 and stall....
- Daily Trading Set-ups & Analysis
