8:30am US markets have completed the Swing into the Weekly 50% level. These levels were viewed as swing targets from the lower weekly open this week, and also resistance this week (full US report later).
SPI back to the 3-day highs after the US rally on Tuesday.
My view yesterday was that today would provide better shorts in the market than yesterday, but these shorts at this stage are only view based on 44 point moves, and/or into the gap of 6562.
Risk 6627
Higher Daily open and expectation that it will try and close the gap on the downside. That will depend on where the market opens.
This will place the Market around the 5-day 50% levels, which often consolidates the price action, therefore at this stage I'm not expecting much more than 44-points or into the gap...
Day traders:- The lower Pivots @ 6577 match the 5-day 50% level, so anyone trading shorts this should be partial exit zones or trade 22 point ranges partial exits on the way down....
Above 6627 and price is heading upwards into the 3-day cycle which could close above it, as part of the 2-day swing.
But to trade any UP move price would need to come down 44 points so that traders can at least have a lower Spiral point to minimize Risk of trading longs...as was the case with both lower Spiral points on the R44 yesterday. (open 6453 and 6504 2nd swing point)
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