8:40am
Yesterday the SPI traded outside the Weekly lows @ 6397 and below the November 50% levels, which stopped the market rising.
Risk 6387
The Risk is based on the R44 spiral top, it's got two possibilites:-
1. Rotate back down from the spiral top, which is helped by the same higher timeframe levels stopping price yesterday, (trading below and outside levels) and moves down into a lower Weekly close on Friday.
2. Moves up from this level and swing back towards the 5-day 50% levels:- helped by the Spiral top and yesterday's high. And if US markets rotate upwards on Friday the expectation is for the SPI to move back towards the 3-day highs and Weekly 50% level.
I have no idea which way it will go, or how the market will react on open. The only thing that favours further gains is, it's moving upwards from Yesterday's spiral on the R87 which normally pushes prices back towards the highs and completes the 87 point range from yesterday's swing lows....6422
I have no idea which way it will go, or how the market will react on open. The only thing that favours further gains is, it's moving upwards from Yesterday's spiral on the R87 which normally pushes prices back towards the highs and completes the 87 point range from yesterday's swing lows....6422
Don't trade against the risk level today....
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