This sets up global markets rotating towards their Monthly 50% levels, with the expectation that price is moving towards the January 50% level on the SPI.
3695 (resistance)
Above 3695 and the market is bullish and I wouldn't go looking to short trade today.
If wanting to short trade I would focus on just a 20-23 points (take the cash)"
Premium Report
SPI Weekly and 5-day pattern
SPI opened at resistance @ 3694 pushing the market down 23 points...
Price was capped below 3695 for two hours before breaking higher and moving to the 3-week highs...
"Today is the last day of the trading year, but I still need to see a Friday close to confirm the levels, which finally could result in the SPI closing above the 3-week highs @ 3748 by the end of this week helped by US markets moving higher"
The 3-week highs are still capping the market, but if we subscribe to US markets moving higher into Friday then I would think that price should moving higher on Friday finally closing above the 3-week highs and continuing towards the January 50% levels.
- Daily Trading Set-ups & Analysis
Posts
