Australian and US Index Markets: - DOW and S&P
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Banking Stocks Weekly Report 19th April 2008
BHP Trading Report 19th April 2008
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Morning Report 8:30….
Yesterday’s view was that the SPI would come down and test 5548 (3-day high break) before it could continue higher.
On the flip side, there is still a large gap to the 3-day lows @ 5374, therefore there is also the potential that there could be a 2nd ‘stalling’ day on Friday, which often occurs when there is a break of the 3-day cycles :- 2-day stall-reversal before the trend continues.
Therefore short trading around the R44 highs is warranted, but it's high risk to be short-trading above the Spiral Filter...
But if price is moving down from a higher Spiral point then the expectation is that the rest of the trading day is moving back down towards 5530….
Price has pushed down and trading below 5530.....
This is following a 2-day reversal pattern, which now has a random outcome, it can follow a trending day down into 5498 (5-day 50% level , and it can continue back towards the 3-day lows....
Whilst below 5530 is can travel any length on Friday....High Risk trading longs below 5530….
Rejection of the April 50% level @ 5615 and potential 2-day reversal into the 3-day lows @ 5374
"C & D set-up:- Continues down into Weekly lows, and then swing upwards back into the Weekly 50% level, and as high as the April 50% level 5614
This is because of the Lower Weekly open and swing back upwards into a 3-day counter-trend move with the 'new' 5-day trading pattern."
SPI Recap 10:47
"Today's open will be a gap open above the 3-day highs, whenever this occurs there is an expectation that price will come down and re-test the 3-day high break @ 5548.
We can see there is a large gap to the 3-day lows (5374), therefore I expect a 2-day stall reversal until those 3-day lows catch up with price for any higher move to continue."
Therefore today I'm looking for a push down from the higher open in an R44 low, but then Thursday moves into a consolidation pattern of 44 point ranges for most of the day."
Morning Report The Trader Premium
Lower Weekly open and a swing back towards the Weekly 50% level will complete on today's higher open, this is also match with the 5-day 50% level.
5-day 50% level resistance with the expectation price will push down 44 points....
Once again the 5-day 50% levels today will be a trend guide....
A push down completing 44 points and then trading above yesterday's 5-day 50% level @ 5483 has the potential to push higher into close, but again use the Spiral filter to manage in trades (big or small)"
15:55 SPI Recap
SPI opened higher and moved down 44 points above yesterday's 5-day 50% level @ 5483 remaining in a tight trading day.
Whilst trading below Today's 5-day 50% level capping the market and swinging in 22 point ranges providing good short term rotating intra-day patterns for day traders using spiral points....
SPI rising upwards from the 5-day lows towards the Weekly 50% level, as part of a lower Weekly open and a 2-day counter-trend move back towards the central zones within the new 5-day Weekly pattern...
" Today:- The 5-day levels are going to be important :- 5380 and 5357
Set-up A :- It will depend on where price opens but 5357 and the 5-day low is going to be a major support zone today for any move higher.For those who have been reading my blog for awhile, we know that often a 'gap' open will move down 21-23 points before swinging upwards, so it's important to see that any push lower should hopefully match the channel lows...
I don't see any major 'trending' day today, other than just focusing on the first 44 point range completion" Morning Report...
SPI pushed down on open 5380 (5-day lows), moved in 21-23 point waves most of the day and has completed the 44 point range today