SPI Daily and Intra-day charts
Last trading day of the Month and the closing price of today will set-up our levels for the next month.
It is also the last day of the Quarter and the closing price will set-up the important 50% level that will help define the overall secondary trends for the next 3 months.
My view is price is moving down into the April 50% level, which will be confirmed tomorrow.
This April 50% level can provide a springboard for the next move upwards towards 5521 this week. Therefore I'm looking for lower prices this week before it can move higher.
Today:- A Lower spiral point doesn't favour a move down on open, it statistically favours a push upwards before it can reverse down.
Risk level on open is 5392 and I don't have a probability set-up today.
5392 is the low of the last R44 bar, and if its going to continue higher today then it will remain above this level.
If it's going to move back down into the 5-day 50% levels then I would be looking for a 22 point rejection under 5392.
In conclusion: Even though I'm looking for Price to push down into the April 50% levels, it's not necessarily going to happen today. Today could end up being an UP day, and tomorrow could be the day that comes down and tests the April balance point.
Trading strategy today is:- take 10-20 points using levels and R22 spiral points where I can, because I don't have a major probability pattern and level to confirm the daily direction, and there has been a major drop in volaility last week, so there's no guarantee that there will be a 44 point follow through completion, as was the case for the first 3-days last week.
Support:- Weekly 50% level and .618 low, as shown in the daily chart.
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