Trend bias is to continue higher, however based on the filter price action can push down into support levels.
SPI Weekly and Daily range
Wednesday remains range bound within the daily levels without following the market dynamics of higher highs towards 4729.
Whilst the market remains above 4646 the expectation is that the trend is moving towards 4740.
However, as shown in the Monthly charts in the Weekly report, the current price action is occurring below the March lows @ 4696. This is currently forming resistance, and may continue to do so over the next few days until the start of April and the 2nd Quarter.
Whilst the S&P remains below the higher timeframe resistance levels of 1293-1300
SPI & S&P monthly ranges.
The SPI is currently supported above the Quarterly 50% level @ 4565.
However, it is trading below the March low, which it has hit this week and stalled.
What we also notice is the S&P swing upwards and retesting the MARCH 50% level, and currently being rejected down.
In conclusion:- currently there has been a minor swing upwards over the past 5-days, but my view has always been that there is a potential 2nd selling pattern occurring from April, or down towards lower lows at the start of April
Both markets currently remain in a secondary bearish cycle.
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