SPI has reversed down from the Weekly highs and back into the MAY 50% level with today's lower open.
Last Week the SPI rallied from the 1st of MAY to the weekly highs, however the Weekly timeframe 'bar' was still trading within the April timeframe and hasn't tested the MAY 50% level.
Therefore this week's rotation back down into the MAY 50% level is not suprising.
Therefore:- I'm expecting support and a push higher today, but i'm not expecting much strength above today's 5-day 50% level @ 5650-67"..
SPI 15:10
Weekly timeframe tested supported this Week and expectation that prices will continue higher into 5870+....
I expected some buying support today, but I didn't expect a large trending day as such, but i'm not complaining....
A higher open on Friday will depend on US market's reaction to their own Weekly 50% levels.
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