8:40SPI has moved down into December support, with yesterday swinging upwards from the 5-day lows @ 6119 closing Monday's gap.
The Quarterly 50% level (6251) is going to have a bearing on the direction of this week's trend:- above and expectation market is moving upwards back into the 5-day 50% level and break of the 3-week lows @ 6351.
Below, and the market is drifting back down into a consolidating pattern around December lows.
This week's modeling patterns were Down day on Monday, UP day on Tuesday, and hopefully another UP day on Wednesday and it swings back towards central zones within the Weekly timeframe.
Wednesday:- Risk 6247 (R44 high)
Above and market is moving higher...
Below and market is down 44 points, and could move more.
Ideally the best risk level to be trading longs would be around the R44 lows, because it's hard to be buying the R44 high today, because it matches the R87 spiral top which often pushes prices back down.
There is no high probability set-up today, even though I'm looking for a move towards the 5-day 50% +, the higher open today still has risk attached to it trying to BUY the top.
The swing down on Tuesday from highs into the R44 lows (last bar of Tuesday), and this range bar needs to complete on Wednesday for the first risk level @ 6247 to be formed.
I'd like to see a lower open so that I can trade upto 6247, and then hope it can break higher...
Once again the R44 spiral point on open and expectation is that it will move a minimum 44 points in either direction.
US markets look supported after 'hook' days playing out on Tuesday. (full report later)
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