Please Read the Weekly report on the Australian Index before proceeding with the Daily report
Market is trading above the Monthly 50% level, Weekly 50% level and 3-day BUY cycle. In a nutshell the Market is UP, trend remains intact, and we subscribe to the view that the market is heading higher this month.
However, in the short-term:- Higher Weekly open and expectation that the market will stall-reverse-consolidate for the next 2-days before any UP trend resumes.
Today:- Risk 6580
It is the spiral stop of R44 range from Friday, which needs to complete.
I would think that there would be some push down, hopefully around 44 points, but because price is above certain levels there might not be much weakness in the markets today.
There is no major set-up today:- other than trying to pick whether Monday will move down, or Monday is another UP day before the market rotates back down on Tuesday.
Premium Report to follow..
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