8:00am
Major support around the December lows.
Major resistance around the Quarterly 50% level @ 6251.
3-day cycles are 'sell', and last day of the trading week.
Risk 6245
There is a lot of resistance around these highs today, and a higher open favours trading short’s on open.
Once again I’m only looking for 22-44 point moves in the market down to the previous gap (last R44 high @ 6202)
After that move, the market can remain with the downward Weekly bias and consolidate around December lows to close out the trading weekly timeframe.
Note:- I can’t discount a move higher on the last day, as it retraces the Weekly timeframe and closes around the 5-day 50% level (6303) therefore breaking the 3-day highs
Two Scenarios:-
1. a lower open or push down into 6202 and expectation that R87 points has to complete @ 6245, and then 'could'???? continue higher later in the day, as it retraces the Weekly timeframe.
2. a higher open and trading longs around 6245 is open to risk first thing on Friday, as I have an expectation that there is a potential of 'gap' closure or around 44 point reversal, before market decides how it wants to play out Friday and the Weekly timeframe close.
Note: Trading shorts above the 3-day highs today is high 'risk' @ 6269
Posts
