If below first target is 4716
Then a possible 42 point move down into the weekly 50% level @ 4596 (random support)
SPI Weekly and Daily range
Break and extend pattern from Thursday into Friday’s highs.
Today’s higher open provided a short-term sell pattern of 42 points back down
into the Weekly 50% level @ 4696….
This was helped by the 2nd bar closing below 4716
The Weekly 50% level @ 4696 then provided support in an up trend that’s expected to continue higher next week.
however, that will depend on what happens in the S&P 500 overnight.
Note: - Yesterday’s breakout @ 4635-37 and today’s reversal down from Friday’s highs could see the SPI move into a 2-day stall pattern early next week (trailing support levels)
3-day cycle lows are now all the way back down @ 4562, which can often result in a waiting game of a couple of days until the 3-day lows catch up with the current trend before the market continues upwards.
As long as price remains above the December 50% level.
Index Futures SPI, DOW S&P, & Forex
Subscribe to the Trader Premium
http://www.datafeeds.com.au/premiumtrader.html
Break and extend pattern from Thursday into Friday’s highs.
Today’s higher open provided a short-term sell pattern of 42 points back down
into the Weekly 50% level @ 4696….
This was helped by the 2nd bar closing below 4716
The Weekly 50% level @ 4696 then provided support in an up trend that’s expected to continue higher next week.
however, that will depend on what happens in the S&P 500 overnight.
Note: - Yesterday’s breakout @ 4635-37 and today’s reversal down from Friday’s highs could see the SPI move into a 2-day stall pattern early next week (trailing support levels)
3-day cycle lows are now all the way back down @ 4562, which can often result in a waiting game of a couple of days until the 3-day lows catch up with the current trend before the market continues upwards.
As long as price remains above the December 50% level.
- Daily Trading Set-ups & Analysis
Posts
