Last day of the month and today's closing price sets up some important levels for March.Yesterday's price action on the SPI and in the US markets has shown buyers aren't keen to BUY the markets around daily highs, and yesterday I mentioned the possibility of a reversal back towards the 3-day lows @ 5553, and we can't discount that happening today, especially with today's lower open.
Today's price action is dependant on the direction of the Weekly close, and how price is trading either side of the 5-day 50% level, and how price reacts to 14:36 buying.
We have seen Friday's 14:36 buying come into the market pushing price upwards, either towards the 5-day 50% level late in the day, or towards the 5-day highs.
Two Scenarios:- Support 56081. Lower open moves up 44 points consolidates and then moves higher from a lower Spiral point and 14:36 into the close:- higher Weekly close away from open, and can move higher towards the 5-day highs if US markets reverse off BUY support on Friday (US report later)
2. Pushes down into the 3-day lows, and again same buying price action with a reversal towards the 5-day 50% level from a lower Spiral point:- Weekly close in the middle of the 5-day range, which has occured the last three weeks.
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