SPI Daily and intraday chartsFor the amount of negative news on Financial stocks coming out of the US, the FED move along with the market discounting the bad news with an UP day, says a lot.
And with our market hitting the March lows yesterday and bouncing, this probably looks like the we are close to hitting a bottom in this Quarterly timeframe, and hopefully markets begin a rise upwards in the new Quarter, helped with a rise in the week of March contract Expiry.
Today:- Higher open and higher Spiral point
Hard to go long with a Spiral point @ 5119.
I would like to see a down move on open, complete the R44 lows, and then rise upwards into the 5-day 50% levels.
But like most rallies on the Australian market lately, a double r44 range nomally stalls and drifts lower.
Maybe with March lows being reached this might change.
Note: Yesterday my view was for the Market to head down towards March lows. This was completed yesterday, therefore I'm leaning to UP moves this week because of the contract expiry and what transpired in the US on Monday.
But everything needs to be verfied i.e move back above the 3-day highs and Weekly 50% level.
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