SPI Weekly and Daily chartsSPI will be opening around 5585 today and will be close to the April 50% level @ 5615
It will also be opening higher than the Weekly highs @ 5521, so If traders are expecting a major down move this Week from today's higher open, 5521 will probably end up playing a supporting role this week.
A Weekly breakout of the 3-week cycles (5464) and Friday can close much higher, as price is still trading within the 'March' Timeframe, and the March 50% level is far higher, so there can be a driving Weekly range upwards into Friday.
SPI intra-day5585 is the Weekly 100% level and it's my Sell Zone for today...
The Above levels will be important, along with the 5-day ranges.
A breakout of the 5-day range, and the expectation is price will try and come back down, but often 'breakouts' can only move in 44 point range 'rotations' until the next day.
It's obvious that there will be a higher fade on open today, hopefully from 5585, but three things can play out.
1. higher open on a 5-day breakout and Price remains in a 44 point range 'rotation' day.
2. higher open and inside 5572 the expectation is that price can move back down into 5521
3. Early fade but price remains above 5572 and continues upwards towards the April 50% level, as part of a Weekly Trending Range drive upwards into Friday.
Personally I won't be trying to 'Short' trade the market above 5585....
Max Down day:- 5489 Range high
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