8:20am
US markets rallied off the lows on Wednesday and looking to move into a 2nd stage of confirming a bottom with the move back towards the 3-day highs after crossing over the 5-day 50% level.
The SPI will opening outside the Weekly lows @ 5525, and the 2nd stage of the Australian market finding a recent bottom will be a break of the 3-day highs @ 5529..
Keep in mind that price in global markets are still trading below their January lows (expected Resistance until February)
Today the SPI will open below the 5-day 50% level 5484 :- therefore the trend remains down.
It will also open at a higher spiral point, which favours 'short-trading' before any UP move...
In conclusion:- Market will try and rise higher today, above the 5-day 50% level shorting is open to Risk, as it will try and move back towards 5525 and the 3-day highs...
Ideally I would like to see a 44 point down move from a higher open, and if there is going to be any UP move, the most logical place would be from an R44 Spiral low and breaking the highs...
A 44- point down move doesn't guarantee that any UP move will occur today, but it's still a pattern I'll be using today.
Levels I'm interested is :-
Today's 5-day 50% level @ 5484
Yesterday's 5-day 50% level @ 5436
Previous 5-day low 5413
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