"A rise upwards on Monday would be towards 6735, over a couple of days before the most probable reversal back into the 3-day lows. (Weekly report 8th Dec)"
Last night hit 6735, and once again Day-traders miss the major move as markets are driven by US interest news once again, as price moves back to the 3-day lows
Yesterday’s trading was defined by the Weekly UP trend and ‘gap’ closure as it moved higher towards 6735, and today will be simply defined by the 3-day lows of 6619
Price is opening below this level, and expectation that often it will remain below this level before moving higher the next day.
6618-20 is risk today.
It’s the 3-day low and the 5-day 50% level.
The market will try and rise upwards into this level and probably stall.
Keep an eye on 22-point moves in the market, it often moves 22 points before reversing the trend. It did it on Monday moved up 22 points before reversing. It did it on Tuesday, moved down 22 points before reversing, and a lower open today and 22-points UP matches the Risk levels.
Note: - Technically I’m looking for US markets to move higher on Wednesday (UP day) using the Weekly 50% level as support. (Full report later)
This lower open in Australian Index was the 'gap' closure completion I was looking for before the UP trend resumes.
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