Same Expectation on US markets, as the SPI...... greater expectation on any new UP trend developing from next Week; if or when price is trading above next week's 50% level...At this stage view the market as a consolidating pattern for the next 3-days...
The difference between the SPI and US markets are the Weekly lows. In the Australian market this was resistance today pushing the markets down, as part of the consolidating pattern.
Whereas in the US:- futures are currently inside the channels...but that might change by the time US markets open in 8 hours time...
Intra-day is simply going to be defined by the 5-day 50% level.... trading around the 5-day 50% level can be choppy....
If markets are trading below the Weekly lows on open, then price could easily move back towards Daily channel lows once again...
Resistance 3-day high channels (blue).... don't short-trade above them on Wednesday...
Note:Expectation of a blow off bottom on the Weekly charts, but it would need to break above the 3-day highs and move back above the Weekly 50% level to verify any bottom.
This is more likely to happen next week than this week....
Posts
