or breakout of the 3-day cycle highs and begin to move upwards"
SPI Weekly and 5-day pattern
SPI opened below the 50% levels and pushed downward, and once the R42 completed down on Monday @ 4614 buying support came into the market after 3pm.
And by the look of it program trading hit both the Australian, Asian and US futures at the same time when news came in regarding a payment of $10 Billion in Dubai when they expected to default.
The important pattern in the current reversal in the Australian market
was last weeks move below the December 50% levels, the weekly
close below those levels on Friday and the start of this week moving
lower: - potential ‘thrust’ pattern down.
However, the same ‘bearish’ patterns aren’t appearing in US markets at
the moment, after last week’s 2-day reversal and HOOK pattern on
Thursday and expected continuation of the trend into December highs
If US markets continue upwards early this week, it won’t take much for the SPI to be opening above those December 50% levels and 3-day cycle highs tomorrow.
- Daily Trading Set-ups & Analysis
Posts
