SPI MonthlyQuarter coming into an end, with upside targets in the 2nd Quarter @ 5100+
SPI trading around the March highs with the expectation that price is going to continue higher in the 2nd Quarter.
This up move into the March highs completes a 2-month wave pattern during this Quarterly cycle, and if trading on the BUY side (stocks) we want to look for the next 'long' set-up during the next Quarterly cycle.
The most ideal set-up to capture any longs in the market would be a rotation back towards the April 50% level.
There isn't a breakout of the 3-month highs, but there is a breakout of the single monthly highs @ 4727 (red).
Because there is a breakout I would treat the market as a break & extend pattern during the single month, which means it's more likely to push upwards in early April before it rotates back downward.
SPI Weekly and 5-day range (24 hour market)
The medium term trend is defined by the Weekly 50% level, so it won't take much for the market to change with price trading below.
Trend guide on Monday @ 4930, and there is still the possibility that next week begins with a 2-day down day based on the Friday 5-day highs resistance.
If the trend is going to continue higher it can remain above the Weekly 50% level and continue up until April begins:- first Quarter target 5107
If price does drops below the Weekly 50% level, then the 3-week lows is the support zone for the next leg upwards.
