US markets push down on Thursday, and SPI is opening up around 5323 and the .618 of the Quarterly lows.
There is a lot of support around these lower levels, and as I mentioned yesterday, there is still an expectation that price will go looking to re-test the 5-day 50% level.....
5-day lows are Support:- 5290 and the 5-day 50% level is 5452.That's a big up move , but it's something that could happen, and that will be confirmed with buying from 14:36, as is often the case on Friday's.
Today:- your guess is as good as mine on where price will open, and whether price will be supported @ 5323, or it moves down into the 5-day lows..
Often on a lower 'gap' open they will push price down 22 points before trying to 'buy' it upwards to close the gap....
And the same price action as mentioned yesterday:- 11am and the R44 spiral point as a trend guide for reversal patterns (support/resistance)
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