9:00am
Short-term trend defined @ 6716 and 3-day 'sell' cycles have pushed the market back down into Mondays' lows and beyond, with the expectation that whilst price is below Monday's lows the larger cycle rotation is back to 6362 and November 50% levels.
With US markets likely to be heading down much further back towards November lows, at this stage 6362 and November 50% level is a 'first' rotation target.
Yesterday was frustrating for Day traders:- the expectation of the down side gap closure @6566 didn't eventuate in the day session, and position traders didn't have matching 'short' systems to trade shorts overnight.
SPI report continues below.....
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