I would continue to use the Weekly levels as resistance/Trend guide:- 4738
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj90wVwak911EYEQ1iJufc9nl5Qxm2-Nvn2Vj-FuwQNnnV2qrY_6L73Mu1h52CaQCcuPqcik6JkPPwPuYoww27ReRT1l9icwcBrQdKwLkxZZu2KxqoME2dt3P3ZR5UpzYh3arKZNQD8-Wdr/s400/spi5-21.gif)
Last week saw the SPI find support @ the 2nd Quarter 50% level @ 4649 and rotate up towards the MAY 50% level and stall.
As noted in last week's report...
if the last week in MAY is going to rise up gradually, then it's going to remain inside the Weekly level @ 4703, and then push up towards the Weekly 50% level, and as high as 4826
4703 will also decide on whether the price action in MAY and the failure at the monthly 50% level will push the SPI towards the Monthly lows in June
I favour a rise upwards, as the market is acting in a predictable manner
But the market is never 100% reliable, especially if the S&P follows a double Weekly low pattern (Read US report)