SPI Weekly and 5-day pattern
Higher Daily open on the SPI pushing the market down, and confirmed with price trading below 3738.
Once that was confirmed expectation was a move down into 3689.
3689 support held with 3pm buying pushing the market back towards the midpoints.
Weekly Report out tomorrow
SPI Weekly and 5-day pattern
US markets moved up on Tuesday, therefore my expectation was a consolidating trading pattern over Wednesday & Thursday between both Weekly 50% levels with an UP bias
My next short set-up and continuation down was based from Friday:- higher Daily open using resistance as a ‘short’ set-up.
That will depend on where the Market opens.
Or it could have aligned today using both the Weekly and 5-day 50% levels and today’s spiral tops…
But instead of reversing down as was the expectation a number of day's ago, that wasn’t going to happen once the R44 range closed above the channel highs @ 3723, resulting in a HOOK an break pattern
Tomorrow is Friday and I'll see if there is any ideal Short-trade set-up to take.
S&P Weekly and 5-day pattern
Tuesday's reversal off the 5-day lows provided a 'HOOK' play for Wednesday.
This pushed US markets upwards from support and into my upper targets.
857 was a resistance level but I wasn't expecting a push back down into support in late trading.
But when you wake up in the morning it's a pleasant surprise.
I'm not bullish on the Markets, but whilst price is trading above the Weekly 50% level they can still support the market in the short-term.
Normally a HOOK pattern play would close higher on Wednesday and remain above the 5-day 50% level and not close back down into a lower Daily close.
SPI Weekly and 5-day pattern
SPI didn't push up high enough today to move into shorts, instead drifting down into support @ 3659, but failing to swing up an entire 44 point range.
Another consolidating trading day...
"If US markets have an UP day on Tuesday, then my view is to see howthe next two days of trading plays out:- Wednesday and Thursday. If price remains range bound between 3663 and 3732, then I’m looking for the next SELL pattern on Friday (larger trend play), or early on Monday to continue the move down towards the Monthly 50% levels"......................... (Yesterday's Recap Report)
Tuesday was an UP day in the US, and today was the first of a 2-day consolidation pattern.
If that's the case I would expect another day like today and then look for any 'short' trading set-ups from Friday for a larger Trend play using resistance within the 5-day pattern
SPI Weekly and 5-day pattern
SPI opened below 3698 and pushed down into the Weekly 50% level @ 3663, finding support, as did yesterday at 3732, resulting in a small range day.
At this stage i'm expecting more weakness this month, but it won't surprise me to see the SPI find support around this level if US markets have an UP day on Tuesday.
If that's the case the I will Treat the Aussie market as a sideways pattern between 3663 and 3732 until Friday.
If it's range bound between these levels over the next two days then i'll be looking for the next sell down on Friday or early on Monday.
Recap:-
Friday topped the market @ 3852 and Monday confirmed the reversal
of trend with a move below the 5-day 50% level @ 3783.
That pushed price down yesterday into the Weekly 50% level @ 3732
finding support, and today continued down into the next level @ 3663
finding the support along with the 5-day low.
I have a view of lower prices in April (back into the Monthly 50% level),
and I’m extremely bearish but I need certain things to confirm any larger down move (break of the Monthly 50% level), and at this stage there hasn’t been a break of the 5-day lows yet.
The Market has been dynamically moving lower following the 5-day
patterns without a break, therefore price can rotate upwards from
support and move into a 2-day consolidation pattern.
If US markets have an UP day on Tuesday, then my view is to see how
the next two days of trading plays out:- Wednesday and Thursday.
If price remains range bound between 3663 and 3732, then I’m looking for the next SELL pattern on Friday (larger trend play), or early on Monday to continue the move down towards the Monthly 50% levels
Of course using confirming patterns within the 5-day range.
S&P Weekly and 5-day pattern
Two day reversal is playing out from Friday's highs, and confirmed with a break of Support on Monday and a move down into Monday's lows.
Price is now back into the Weekly 50% levels, which is a major trend guide for this week...
But at this stage I'm expecting more weakness in the markets.
SPI Weekly and 5-day pattern
Expectation of weakness today was confirmed with price trading below 3783 today (5-day 50% level), which resulted in a moved down into the Weekly 50% level @ 3732
Weekly 50% level support, resulted in a 44 point reversal upwards.
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