SPI Trading within the Range band of the Monthly 50% level of February and the Quarterly lows...Expectation that the SPI will consolidate between these bands for the rest of the month and into March.....
Higher Weekly open and push back down (top-to-bottom) trading week so far this week, as Price follows the overall higher timeframes.
But at this stage, I favour a Top-to Middle close:- Weekly close in the middle of the 5-day range on Friday...
If Price is going to head down into February lows, I would think that next week is more likely based using the Weekly 50% level, because of the potential 2-day reversal UPwards in US markets...
The 87 point range and Rally on the two previous Fridays have occured from the previous Thursday's HOOK, and if we subscribe to repeating patterns then Friday look's like it's going to follow a similar path as the previous two Fridays....
"Tomorrow is Friday:- the past two Friday's have had massive rallies back towards the highs. The Daily-Trend has been defined by the Dilernia Pivot. the 5-day 50% level, and a 2nd UP move occuring around 14:36....
I will look to see if this pattern is going to play out again, because the last two Friday's I've missed the open, only to make some money in the latter part of the day.Therefore for position traders the 5-day 50% level is going to be important along with the Dilernia Pivot...." (Yesterday's RECAP report)"
The Difference between today and the past two Friday's is the open in relation to the 5-day 50% level:- this time it's below....
My view is we are going up, but this time the view is limited to the 5-day 50% level and as far as the 'gap' @ 5752...
As long as Price remains above the Dilernia Pivot @ 5586 that's the only view I have...
Below that, and the Weekly timeframe is closing on a lower Friday....
Posts
