Weekly highs Resistance @ 5443 and still have the View of Price rotating back down into the April balance point early next week before any 'potential' new UP trend can develop.
This week was the first time in 2008 that price was able to break above the 5-day highs and close above those highs. This was also confirmed with Price trading above the Weekly .618 highs.
I have been so accustomed to large 'range' days with DOWN moves that this week has been slightly less profitable because of the major drop in volatility. But I can see why that has been occurring, and why I have been trying to exit my trades at much less than 44 point lows, I've been focusing those exits around 30-36 points with an earlier partial exit of 10 points.
At this stage Global Markets look are 'range trading' until the end of the Month and Quarter before we can get some volatility back into it.
Yesterday I was looking to use 5417 and the first R44 spiral top @ 5424 as 'short' zones because of my view of the market moving down towards the April 50% levels, before a Late rally took it back up to 5443 (2nd Resistance) zone
Today:-
Lower open once again and it will probably try and move upwards again in early trading.
Today I don't have a major set-up but I think 5417 will once again play a 'RISK' level, and above 5417 the same pattern of moving higher towards 5443. But I won't be 'short' trading a Friday around 5443 because often it can break and head higher into the close. (higher Weekly close)
Below 5417 and it's moving down into the 5-day 50% level, which matches the Weekly .618, so this is a valid Support zone today:- 5343
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