Australian and US Index Markets: - DOW and S&P
Please click Weekly reports to the Right.
Banking Stocks Weekly Report 5th April 2008
BHP Trading Report 12th April 2008
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If the Weekly support moves, then from next week there is a greater probability that price will come back into the Weekly 50% levels, test them and then move higher.
In conclusion:- the bigger picture shows there is major resistance around the highs, and I've factored in, that for any higher move to take place I would like price to come down and re-test the Weekly 50% levels first...
Weekly Report 5th April
DOW and S&P Daily charts
5-day Weekly pattern, and price moves down into the Weekly 50% level....
"Until then it's simply about trading on the side of those risk levels.
With US markets opening around the 5-day 50% levels they will naturally try and push away.
Below support and it's pushing down towards the 5-day lows and a lower Weekly close...."
11th April Report
Full Weekly Report Later...
SPI 15:20 RECAP...
SPI opened below yesterday's 5-day low @ 5490 and pushed down into a 44 spiral low and Friday has ended up in a consolidating choppy trading day...
Morning Report:- reverses down and into another consolidating choppy day (good for short-term scalping 10-14 point ranges)
In Conclusion:- When I look at the bigger picture it's going to do two things, move back up towards 5591, or continue down on Friday.
When looking at the day-trading set-up on Friday it's not that simple....There are days when everything lines up and trades are far less complicated, and then there are day's like today where every 5-day level will play its part...., which results in a choppy trading day that can do damage to a trader's account."
And that's basically how today ended up, a Choppy trading day of 10-14 point ranges...
Weekly SPI Report tomorrow....
B. Reverses down early next week and re-tests the 3-week cycle high breakout @ 5464 before finding support....
C. Reverses down early next Week and continues down into the 3-week lows....
We have just completed Set-up B, a move down into the breakout of the Weekly highs @ 5464...
Now let's see whether tomorrow it continues down to the Weekly lows @ 5299, or swings back up into the 3-day breakout @ 5591.
I favour the 2nd pattern and move into a 2-day counter- trend rally Upwards, as long as the US markets remain stable, and we open up around this level tomorrow.
In the Weekly report I favoured a rotation back down into the 3-day lows early this week, and today completes the rotation down.
Even though there is still over 2 hours to go for the day to end, this pattern has completed, and it was pretty well mapped out, once the market was trading below the 5-day 50% level @ 5635
I also mentioned in the Weekly report, that it wouldn't surprise me to see a lower Weekly close by Friday either, but we will come back to that tomorrow.
The Dilernia model this week was for a move down into the 3-day lows, and today confirmed that with the break of the 5-day 50% level @ 5635, and then move down into 5564...
We started with the higher open and 'attraction' towards the central zones, and the rest of the day had two rejection patterns (R), and then followed the Dynamic ranges down...
Today's price pattern had three ideal 'shorts' to trade the direction of the market using the new Spiral filters .... no more trades today.
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A higher open and I favour an early down move into 5677.
After that move it becomes a random outcome, as price will repel away from the 5-day highs @ 5681, in either direction.
Hopefully a higher Spiral point will favour a continuation down into an R44 low, and continue further down. (premium morning report)
Ideally I would have liked the R22 rejection pattern under 5681 to continue down today, but it hasn't.
After shorts on open and exit, I traded another 3 times around 5681, looking for a continuation on the downside, but nothing followed through other than taking a few partial exits and breakeven stops.
Next recap tomorrow