Note:- if the market is trading below 4300 the likely scenario is a close of gap...
Weekly 50% level Support @ 4244 (Previous weekly Report)
SPI Monthly and Weekly cycles
As the S&P 500 came down to retest Support @ 1482, (read US Index Report) the SPI followed moving down to it's own support levels @ 4244.
And if the S&P 500 follows the April high pattern, then it's going to drag the SPI upwards:- 4385
However, the 1st Quarterly 50% level continues to form resistance around @ 4292....
and even though the SPI could move towards the Weekly highs & 4385, don't discount the SPI revisiting the 2nd Quarterly 50% level during the next Quarter.
as this level @ 4130 would provide a more robust Support 'Thrust ' pattern upwards over the next 3-6 months.
In conclusion:- the SPI will be dictated in the short-term by how the S&P 500 responds to it's Weekly level @ 1395 (READ US Index report)
