Weekly Report:- "When we look at the 5-day pattern, the Market will open on Monday around the Higher channel, the expectation is that price needs to rotate back down towards the middle of the range before any upward move next week can take place….my expectation is that price will move back down first before any UP move occurs.
The Volatility will soon drop and the Daily Ranges will decrease and we move into regressive trading:- selling higher opens and Buying lower opens.
Yesterday's trading and weakness in US markets and the SPI will open around the 5-day 50% level completing the first stage of a rotation down this week
Today we will have a lower open, therefore i'll be focusing on trading 'longs'.
However I'm not expecting much upside because of the %rate news out this afternoon, which is already factored into the market (worse kept secret)...
Support:- 5-day 50% level @ 5755 with upside targets yesterday's low 5803 and then 5831.
Note:- Major resistance around January lows, and today is part of a 2-day reversal.
I'm not expecting much upside, just a stalling day and consolidation with resistance around 5803 and 5831.
Once again look for levels in the market and manage Risk using R44 spiral points (tops and bottoms)
Risk:- Below 5755 market can move down to 5705 (previous 5-day low), as it looks to be reversing towards the 3-day lows and Weekly 50% level @ 5668 (2nd day reversal)
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