Trend down and bearish:- below all higher timeframe 50% levels, and the important Yearly Balance point. Expectation that 'Price-over-Time' will move towards the January lows.
Yesterday was defined by the 5-day lows @ 6231, along with using intra-day ATR ranges of 22 & 44 points to trade.(outside the 5-day range)
Today price will be back inside the 5-day range once again.....
8:30am
Risk levels are the R44 spiral top from yesterday @ 6210 and 6170:- the R44 spiral low.
Above 6210 and I favour the R87 completion from yesterday's low:- swing back into the 5-day 50% level @ 6247 (Gap closure @ 6259 resistance)
A higher spiral point from yesterday often favours a down move and 44 point completion @ 6170, which will then confirm price is back inside the 5-day range. (yesterday's 44 point range has to complete before price is inside the 5-day range on Tuesday)
A move down into 6170 will then have a random outcome, price can either follow a rotation upwards completing the 'gap-closure' (rising upwards from Spiral low), or it's going to move down into 6144 and the R87 low, and or continue down following the Weekly trend.
I don't have a high probable direction for the market today, other than using Risk levels, and understanding that the market is going to be trying to do one of those two things.
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