SPI Monthly and WeeklyExpectation of the market reversing towards 4300 looks more likely it will happen quicker than I expected.
I didn't think the market was going to rise back above the 50% levels in January, and with extended selling in US markets on Friday, February's lows are now closely matched with the Target.
Support:- 4300 and February lows.
I feel around 4300 is a robust support level in our market for the first Quarter....
Will the market going higher from there?
XJO Cash marketThat's going to depend on the 2nd Quarter...
A bullish market will bounce off 4318 and continue higher in the 2nd Quarter towards 5200+
If by the start of the 2nd Quarter can't get above 4600 and remain above that level...
Then don't underestimate the lines of 'least resistance'
Then the only conclusion I can make whilst below 4600 is a drifting pattern towards the 2nd Quarter lows at much lower prices....
Or a 3-month consolidation pattern until the start of the 3rd Quarter when Yellow support levels catch up with the trend.
