SPI Monthly & WeeklySupport 3-Quarter 50% level and double monthly low pattern in February
This is a bullish set-up, and if US markets had the same pattern then our market would be moving back towards 4750 this Quarter.
4750 is the Quarterly balance point or the January 50% level.
However, we don't have the same patterns, and Friday's trading in the US didn't break resistance levels.
What that means is more consolidation between support and the 50% levels this month.
And what we need to keep an eye out for is how the market trades over the next 2-weeks coming into March.
The longer price consolidates the more likely March will push lower, especially as the 3-week highs catch up with the current price action.
In the short-term... I would think that the Weekly 50% level should see the SPI move back towards the February 50% levels.
Daily report out on Monday.
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