8:30amSPI:- Weakness in US markets have sent the SPI lower , the medium term trend is down defined by the Weekly 50% level and 3-day cycles.
Day trading:- The potential for further weakness is there, but as you know my work I don't short the SPI unless it's a higher open or a from a higher R44 spiral point/Pivot
Depends on the open, but the expectation for the gap fill @ 6539 today to play out, however it's not opening near (sycom close) any risk levels to use to minimize risk on the upside if trading longs on open, the best Risk zone would be to use the R87 low @ 6496 to trade any up move back towards the gap fill and 44 points upwards...
The 5-day 50% level is 6546 and also the lower pivot, a higher open and push down and expectation that the R87 will complete on the down side @ 6496
Risk:- Don't trade shorts above 6546
Don't trade longs below 6496
Day traders trading 2 lots look for 18-22 point moves as first exit zone and then look for 40-44 completion on the 2nd lot.
3rd lots can be held with breakeven stops and once again hold overnight...
Day trading:- The potential for further weakness is there, but as you know my work I don't short the SPI unless it's a higher open or a from a higher R44 spiral point/Pivot
Depends on the open, but the expectation for the gap fill @ 6539 today to play out, however it's not opening near (sycom close) any risk levels to use to minimize risk on the upside if trading longs on open, the best Risk zone would be to use the R87 low @ 6496 to trade any up move back towards the gap fill and 44 points upwards...
The 5-day 50% level is 6546 and also the lower pivot, a higher open and push down and expectation that the R87 will complete on the down side @ 6496
Risk:- Don't trade shorts above 6546
Don't trade longs below 6496
Day traders trading 2 lots look for 18-22 point moves as first exit zone and then look for 40-44 completion on the 2nd lot.
3rd lots can be held with breakeven stops and once again hold overnight...
A push down from the 5-day 50% level and into 6496, keep in mind that market dynamics is pointing to lower prices therefore no long trading below this level on Friday...
No major set-ups for swing or position traders today, due to price trading around the 5-day 50% level.
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