8:35am
%Rate new out this morning and it will probably open nowhere near sycom close, as show in the chart above.
Yesterday was part of the 2-day rotation upwards with the expectation of the market moving back towards 6699, and by looking at the pivots above 6709, the market looks to be heading upwards into that level.
There are no 'new' positions on the SPI today, as they were stopped out at breakeven yesterday.
Day traders:- Risk 6656
#1. Hard call today because of where the market opens, a bullish day would see the market push back down in '6656-gap' and be supported, before it moves higher into the close.
#2 Keep in mind, that the best trades in rising markets are from lower 44 point 'spiral points', or using the previous high as support. If it's going to be from a 44 point low then price will be back under 6656, so it needs to move back above risk to confirm intra-day support
#3 market rallies upward on open and completes the 44 point move into the higher pivot, if that's the case there could be a possibility of a rotation back down into the gap @ 6656 later in the day, because of price trading below the weekly 50% level and a 3-day 'sell-cycle'
Today's open doesn't have any clear trades for position or swing traders...
Yesterday was part of the 2-day rotation upwards with the expectation of the market moving back towards 6699, and by looking at the pivots above 6709, the market looks to be heading upwards into that level.
There are no 'new' positions on the SPI today, as they were stopped out at breakeven yesterday.
Day traders:- Risk 6656
#1. Hard call today because of where the market opens, a bullish day would see the market push back down in '6656-gap' and be supported, before it moves higher into the close.
#2 Keep in mind, that the best trades in rising markets are from lower 44 point 'spiral points', or using the previous high as support. If it's going to be from a 44 point low then price will be back under 6656, so it needs to move back above risk to confirm intra-day support
#3 market rallies upward on open and completes the 44 point move into the higher pivot, if that's the case there could be a possibility of a rotation back down into the gap @ 6656 later in the day, because of price trading below the weekly 50% level and a 3-day 'sell-cycle'
Today's open doesn't have any clear trades for position or swing traders...
Technically:- a bullish 2nd day UP rotation would need to close above Monday's highs to swing the cycle from a 'sell' and into a BUY cycle.
I'd be surprised to see major weakness today, but any rotation down would be back towards Monday's lows based on weekly trend and 3-day 'sell' cycle....
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