Please read the Australian Index Weekly report.....
Market opening below the Weekly 50% level, the 3-day 'Sell' cycle and currently being supported above the Quarterly lows.
For the move towards March 50% level to take place, the first step is a move up into the 3-day highs @ 5624 and the daily close above it.
Whether this happens today is another matter, because price is opening in the middle of the 5-day range and can go either way.
The past two Mondays have moved down, and with today's open and higher R44 spiral point, I would look for a down move of 44 points before any rise higher. I won't go long today on a higher open because of the range bar pattern.
But I don't have a high probability pattern today, other then using the previous 5-day 50% levels for any 'day-trading'
Upper Resistance:- 5580-88 & Lower support:- 5540...
Trying to gauge this morning's early price action and direction is hard because of where the market will open, but often around lunch time the market begins to consolidate around certain levels that can provide trades in the afternoon.
The important thing about today is:- Monday is the start of the new Week and begins a new 5-day pattern, with the view that price it will often try and rotate back towards the March 50% level which begins next week.
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