Higher Weekly open and expectation of a 2-day stall.
Tuesday completes the 2-day stall.
A bullish market should move up on the 3rd day, it has everything
going for it:- Higher timeframe support, 3rd day UP move with the expectation that a Bullish Trading week needs to close above 6647 to swing the Weekly cycle around.
Technically it all looks well, however fundamentally all the news out of US on Tuesday was bearish.
As much as it looks technically perfect for the move up:- UP day bias after 2-day stall, it's not always the case. As I said in the Weekly Report:- US markets will drag the SPI down.
Below 6512-16 (3-day high and Weekly 50%) and expectation that price is heading back towards the 3-day lows.
The market is trading and opening below both Monthly 50% levels on Wednesday, and these higher timeframe levels are the driving force of the market.
If there is a push down into the 3-day lows, then the only way there is going to be support at this level would be to see higher price in US markets on Wednesday, as part of an UP day:- support off 5-day range lows
Premium Report to follow..
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