Last day of the trading month, and today's close will set up important levels for February.In the Weekly report I mentioned that the gap of 5580 had to be filled for any UP move to continue, and this played out yesterday.
However any up trend is still going to be defined by the monthly 50% levels from February, and today will be defined by the 3-day lows @ 5579
Levels of interest:-
5624:- 5-day 50% level and R44 spiral top
5578:- 3-day lows and R44 Spiral bottom
5653:- Dilernia Pivot and Weekly balance point....
A bullish pattern will be supported above 5578, and then 5-day 50% level, and move towards the Dilernia pivot (resistance/break). Above 5653 and expectation market is going back towards 5771, but I'd be surprise to see it move that high today.
A bearish pattern will be price trading below the 5-day 50% level, and taking out the 5578, as expectation price is moving down towards 5477 (R44 spiral top @ 5624)
No high probability direction today other than using levels in the market , and the R44 Spiral points.
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