Expected resistance which could result in a consolidating trading day:- R44 ranges.
Support 3301-3003 & Weekly lows"
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SPI Weekly and 5-day patternConsolidating trading day on the SPI, rotating in precise 44 point ranges within the 5-day range...
Now things begin to get interesting over the next 2 days....
SPI Monthly and DOW Futures Monthly
Two days to go until the end of the month, and the SPI still hasn’t
reached the monthly lows in February, whilst the DOW has and is
currently being supported.
With the shift in timeframes next month, US markets will more than
likely follow the move down into the March lows, which match the
first Quarter lows.
If US markets continue down this will more than likely result in a
breakout pattern in the Australian market of the monthly lows and
continue down towards the Yearly lows @ 2770 and as far as
2606.
These patterns fit in with my overall view of continuing down
towards the Yearly lows in 2009.
Trend guide are the Monthly 50% levels, and whilst price is below them the view is to follow the trend down.
In the case of the SPI and the Australian Market:- Monthly lows needs to break.
If the SPI had reach February’s lows in the first two weeks there could
can been a probable move towards the March highs before continuing
down, but all roads are pointing SOUTH and completing the Yearly lows in
the next couple of months.
Weekly Report out on Saturday
If the SPI had reach February’s lows in the first two weeks there could
can been a probable move towards the March highs before continuing
down, but all roads are pointing SOUTH and completing the Yearly lows in
the next couple of months.
Weekly Report out on Saturday
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