9:20
Monthly support disappeared with the close of the Weekly timeframe last week, and it has headed straight down towards the December lows.
Monday's expectation was a potential of a down day, with an UP day on Tuesday. The expected move was down into 6394 and then reverse back upwards.
However, once the 5-day range lows @ 6394 broke, the market moved into a trending day (breakout random trading length as it move from one higher timeframe level into the next), much further than I expected to move over 1 day.
Ideally, any reversal back upwards this week would be towards the Weekly low breakout of 6351, but that is going to be heavily influenced by what occurs in US markets.
Today:-
There was no ‘gap’ trading on Monday, as the R87 was still moving down from Friday.
Today there is a ‘slight’ gap. That is enough for me to look for counter-trend moves upwards today, based on the R87 and R44 spiral points.
But it’s not anywhere near support. The first support zone is 6171 (December lows)
There are no high probability trades other than using today’s open as a Risk level, and trading either side of it, and hopefully get some follow through either way of a minimum 44 points+
Note:- Important Quarterly level @ 6251 (50%), which often provides major support/trend guide in the SPI (my version of the 200 day M/A)
Posts
