DOW and ES-minis
US markets are trading around or below the extremes of the higher timeframes.
I expect very similar price action on US markets today, as what has occured on the SPI today:- A down bias, with the next best trading set-up next week.
These higher timeframe levels are major support zones:- below and expectation is a lower weekly close on Friday.
Above Support and expectation is a rotation back to the 5-day 50% level and then providing traders with next week's set-up.
Above Support and expectation is a rotation back to the 5-day 50% level and then providing traders with next week's set-up.
Any push down and expectation that buying support will come around the same levels as other days. We have seen buyers prop up both markets on numerous occassions around the blue channel lows.
The 5-day 50% level still defines the trend:- don't trade longs below channel lows..
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