SPI monthlyThe move upwards this week aligned with the S&P 500 rising up from the 3-week lows, and any higher move in the 4th Quarter will be based on November's 50% level.
And 3-month cycle July breakout pattern should complete the October highs next week.
Once the October highs are reached this will complete the 3-month breakout pattern and I won't have another long term view until November because certain patterns can occur once the cycle ends.
October highs are seen as resistance, and it is obvious that any UP trend needs to remain above the Monthly 50% levels, so a pullback into the November 50% level is highly likely over the next few weeks.
The same applies with the Financial Stocks. The financial stocks have been driving most of this trend upwards, and they will complete the breakout and extend pattern around October highs. Once that happens price normally goes looking for 3-month 50% levels.
4th Quarter target as shown above, but that won't be reached if the S&P 500 is trading below the November 50% level. (read US report)
