Just sitting down to lunch and having a peak at the market. I...

Just sitting down to lunch and having a peak at the market. I haven't touched it all week as I have been flat out painting my house. Still lots of work to do so I might be fairly quiet over the next month or so.

Anyway, here are a few charts with my take on the SPI at the moment.

In order they are the SPI weekly, daily and hourly.

Starting with the weekly, TSR is well into over bought territory and the current candle is out side my interpretation of Dilernia's bands. This would suggest we have pretty much run out of upside at least until late next week as the next candle has low odds of closing above the band.

On the daily chart, my upper band has rolled and today's action has pretty much touched the band. The middle band should act as support if the bulls are to continue. Note the middle band is currently around the peak on 17/4 and yesterday's low. TSR can act like RSI at it's mid point signaling a trend change so if it rolls here then a trend change is probable imo.

The hourly TSR is also well into overbought territory and the line between the peaks shows weakness. The low on the last candle needs to hold for the bulls as it coincides with my mid band and the high around yesterday's day session open. It's a false break imo but I suspect we will know soon enough.

So overall I'm bearish on the spi in the short term (tonight and early next week) but that call all change with data coming out tonight in the US.

Anyway, enough from me, back to my painting and sanding.

Might stick my head in later tonight to watch the fireworks around all of tonight data.