"But we have levels to trade:- random support 4467.
Above 4467 and who knows how far today rises???? can price swing back all the way to the 5-day lows @ 4740.... it could.
Once SPI has completed the move into the gap and 5-day lows @ 4740....
The SPI can do two things:- re-test the breakout @ 4740 and then continue down into Wednesday's lows tomorrow which will be below 4400 on the SPI" (or open higher)
SPI Weekly and 5-day pattern
SPI closed the gap @ 4970 and has continued down, with a possibility that price could end up around Wednesday's lows, which is below 4400, and that will depend on US markets.
Today is the last day of the month and Quarter, and I mentioned that a re-test of the Yearly lows (double low) could play out before any higher move in October.
We have had the double low today, but that low hasn't occurred in October.
Once again the trend guide in the last Quarter will be determined by the monthly 50% levels, and how well Resource stocks bounce from current lows, because it will be them dragging the market lower.
SPI spiral filter
Spiral filter trend guide during the course of the day and entry set-ups.
- Daily Trading Set-ups & Analysis
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