8:30amMarket supported around January lows and expectation that market is moving into a sideways Weekly pattern...
The push down into the Weekly low yesterday @ 5920 and reversal has seen the market reverse back to the 5-day 50% level @ 6031....
A higher open today has often favour 'selling' the open (higher spiral) with the expectation the there would be a 44 point down move and follow the overall trend down. This is still a possibility today in a downward trending market, but as I mentioned in the Weekend report, the expectation of this happening this week will drop because of Weekly rotation....
Risk 5-day 50% level 6031.
Note: Lower Weekly open and a 2-3 day reversal can take price back towards the 3-day highs, but today I’m focusing on the First Risk level and trading it either direction, with any upside towards the next level up towards 6052-9...
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