"First day of the Quarter and the Month, and the interesting part is price is opening right on the 50% level, which will define the trend over the next 3-months.
There are still 3-days to go until the end of the week, which will confirm the levels, but even within the daily close the 50% level is important.
And what sends the SPI in either direction will be heavily influenced by BHP and other resource stocks. (Read the BHP) report.
Today:- I don't see the SPI moving above 4867, Below 4814 and it's back down into the 5-day 50% level:- valid support. (4757-70)
SPI Daily and 5-day pattern
SPI opens higher and sells down from 4867 and into the 5-day 50% levels finding support.
And look where the SPI is trading:- right on the October 50% level, which is going to decide the direction of the market for the next 4 weeks.
Upside is back towards October highs and resistance and moving into a 4 week sideways pattern and then continue higher from November.
If Resource stocks continue down from next week, then the SPI will follow the pattern of a lower low in October.
And all global markets will be heavily influenced by the FED's bailout plan
- Daily Trading Set-ups & Analysis
Posts
