Please read Weekly report before proceeding....
Support:- 5432-36
Above support and expectation price is moving up into the Gap @ 5500, and then towards the 5-day 50% level by Tuesday, as part of a Lower Weekly open and a 2-day reversal back upwards at the start of the trading Week.
Also the start of the new month and price will try and move back towards the March 50% level.
Below Support and expectation is pushing lower towards March lows.
Two scenarios below Support on Monday
Often when the market breaks out of the 5-day range low, the daily timeframe can swing around all day in 44-point ranges without making a extended down move during the day session.
A trading day below support is often confirmed with a 22-point rejection price pattern and the continuation down into the R44 low, and then further selling pressure from the 2nd R44 Spiral top.
2nd scenario:- is a trending day pushing down towards 5323 (lower Quarterly lows), with the same 22-point rejection pattern.
Today is simply about trading either side of Support.....
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