Expectation SPI is moving back towards the March 50% level, rising upwards from Quarterly low support.Today the market will open higher, and expectation that price will come back down and re-test the 3-day highs @ 5624.......
The higher open today and I'm expecting that Monday's 5-day high @ 5683 and the previous Weekly 50% level @ 5685 will form a resistance zone and fade the 'gap' on open....Two scenarios:- fades the gap and then reverses upwards from 5624 and moves towards Tuesday's highs @ 5707....
2. Fades the gap and then continues back towards the 5-day 50% level.....
In conclusion:- expectation that the market is rising higher this week, and if price is trading above 5624 by 14:30 it will probably follow the higher move into the close of the day...especially if price is trading above the current Weekly 50% level @ 5658.
Note: I'd be surprised to see the SPI come all the way back to the 5-day 50% level:- expectation 5624 is a valid support zone today, along with two resistance levels:- 5685 and 5707
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