SPI MonthlySPI Futures reached JUNE highs this week, and the expectation is that these highs should form resistance levels and begin to see a pullback into the Weekly 50% level next week.
I still have a view that the Market is heading up towards 4400 in the 3rd Quarter, but that will be defined by the 50% levels next month.
June contract expiry this week and we move into September contracts, which are currently running at a discount in September suggesting a pullback.
If the SPI begins to trade above 4088, then it's part of a breakout pattern and push higher in the 3rd Quarter.
