US markets have pushed the SPI lower overnight. This wasn't unexpected because my view favoured a lower Weekly close this week after last week's UP trend.It is obvious that the Weekly 'gap' won't close, and any failure of the Weekly 50% level 6377 will often push price back down towards the 3-day break of 6269 and also the 3-day lows (6218)
This lower open today completes the 2-day stall-reversal from the Weekly 50% level @ 6377, after the change of cycle on Friday.
Risk 6295
Monday's lows, and today's open will have lower spiral points.
I prefer to go 'long' from lower spiral points, and go 'short' from higher spirals
So my view is trade longs, this also aligns with the 5-day 50% level.
Ideally I would like to see the R44 range 'gap' close (44 points up) before any reversal down...once again looking for 22-44 point moves.
However, also respect the Weekly trend, because it can easily continue down towards the 3-day lows, which are 6218...., so I won't be trading longs below Risk today.
Note: 6251 and Quarterly 50% is a major level.
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