SPI: 10.20amPremium report:- "Above 6601 and shorting today is open to risk, this is also the 5-day 50% level.
So there can be very similar price action in the SPI today, as was the case with US markets:- rotating down from 5-day 50% levels and heading down into the close.
If the 'sell' eventuates, then focus on 44 points and into the lower pivots....”premium report” 8:40am
So there can be very similar price action in the SPI today, as was the case with US markets:- rotating down from 5-day 50% levels and heading down into the close.
If the 'sell' eventuates, then focus on 44 points and into the lower pivots....”premium report” 8:40am
Premium report: 10.05am
The rise up in early trading has completed a 44 point move in the market
Bullish sentiment from BHP and news of RIO take over.....
On many occasions when the R44 rallies on open, there are many instances of a rotation back down into R44 lows....
This is because the yellow pivot can't be completed until the first 44 point is finished and often the market rotates back down and retests it.
If this R44 completes down in 6604 from the swing highs, it will still be above the Risk level of 6601.....
Anyone who is short, I would look to partial exit at 6605, but continue to hold, because if it breaks 6601, I have a feeling it's going down much further.......
Bullish sentiment from BHP and news of RIO take over.....
On many occasions when the R44 rallies on open, there are many instances of a rotation back down into R44 lows....
This is because the yellow pivot can't be completed until the first 44 point is finished and often the market rotates back down and retests it.
If this R44 completes down in 6604 from the swing highs, it will still be above the Risk level of 6601.....
Anyone who is short, I would look to partial exit at 6605, but continue to hold, because if it breaks 6601, I have a feeling it's going down much further.......
Run breakeven stops from entry....
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6601 is a valid support zone, it is also an R44 low, so it can be on many occassions an ideal zone to be going long from.
However, Market dynamics are in 'sell cycles' and personally I would rather use 6601 as a partial exit zone. I acknowldge it is a valid support zone, but ideally I want to see the lower gaps on the downside close, and hopefully continue down into end of the trading day.....
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