SPI Monthly
SPI slowly making it's way down towards the March lows, whilst US markets have reached theirs.
March lows are random support, but there is a larger trend driving this market lower, towards 2900, and 2770.
But even around 2770 won't be the low of the market, as there is a lesser trend that will be defined by the monthly low that will give the most robust reversal pattern, as was the case in 2003.
SPI Weekly
Weekly lows random support next week and the Weekly 50% level resistance within the 5-day pattern.
Any upside next week will be dependant on US markets holding their March lows.
SPI 5-day pattern
The previous week saw a 5-day channel breakout after a number of days consoldating in 44-87 point ranges.
The down trend was confirmed with the break of the 5-day lows @ 3248, and then the rest of the week spent rotating and following the 5-day patterns.
Once again the most robust levels to trade from were using the Spiral points along with any 5-day range within the market.
- Daily Trading Set-ups & Analysis
