SPI Primary cycle and Weekly ranges
The SPI continues to consolidate in April coming into MAY, as the S&P 500 continues to remain above support levels.
As noted in last week’s report….
There are two possible patterns, and that will depend if the S&P holds support levels.
If it does hold support, then I’ll look for the next push upwards from MAY, as the market ‘chops’ around for the next 3-weeks (SET-UP B) towards 5093 to 5139
If it doesn’t hold support, and the S&P moves back down towards 1247-54, then the SPI can makes its way back towards 2nd Quarter Support (SET-UP C)
Therefore there’s 1 week left to go in April and the market continues to consolidate within the Weekly levels…
A bearish pattern will only appear if the S&P is once again trading below the weekly levels, and the SPI is trading below 4801
