SPI Daily and Intra-day 44 point range chartWeekly timeframe has shifted lower and expectation that the Australian Market will begin a down move towards the March Lows.
Trading below the lows of the previous Weekly timeframe @ 5165, and the next support levels are the March lows @ 5056, and then the 5-day lows.
Today:-
Depends on where the market opens, but a lower open (spiral-point) will often try and move upwards (44 points) before continuing down.
When a lower open occurs and begins to push down early, the market will often form a 22-point rejection pattern and then continue the downward trend. This often occurs below a 5-day level.
Today there isn't a 5-day level for this pattern to be verifed, therefore the trend bias for Monday is the low of the last R44 range @ 5131.
Below 5131 and the trend is down.
Note:- Financial stocks are coming under pressure once again because of the Investment bank Bear Sterns in the US, which you would think will have a negative impact on our market today, and complete the Move down into March lows.
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