9.00amGlobal markets are pushing higher in December and heading towards the upper weekly channels of 6735 this week, and probably more the following week.
We can see the weekly chart:- trading above 6647, and whilst price is above this level the expectation that the Weekly timeframe will continue higher.
Yesterday I wanted two things to happen:- Price to continue upwards from the first Spiral point of 6647 and continue higher all Monday.Or if it did come down on Monday (after 22 point reversal), at least complete the 87 point range so that maximum EOD positions could be traded with the expectation that price would continue higher on Tuesday.
Today:- Higher open and expectation that price will try and move down from the 'gap' open.
However:- the previous gap at 6663 could support price, and Tuesday will continue higher towards the Weekly channel highs, as it follows the Dynamic 5-day ranges.
A completion from 6663 and 44 points upwards is 6707 +
I prefer to be trading longs from lower spiral points, but this might not be the case today.
There is no high probability trade today:- if wanting to trade longs price would need to settle above 6663 before trading longs.
Risk today is 6663
Below 6663 and market expectation is another 'stalling-reversal day'..
Posts
