US markets trading above the Weekly 50% levels and moving into the 3-day highs, the same price action that occured in the Australian Market today, with the expectation that market is rotating UP towards the March 50% levels...
Thursday's highs are the resistance levels:- above the 3-day highs bullish...
Support is shown above......
No high probability trade on Monday:- below support and expectation price will consolidate with a push back down to. 12310 DOW E-mini 1344
SPI 14:50SPI has moved back down into the 5-day 50% levels for Monday and have found support, with 14:36 buying coming into the market.
5580-88 is still seen as resistance, if it can get above that looking for a move back towards the highs again...
Entry 5565 partial exit 5580 +15
Holding with target 5602
Stop 5561.....
If market comes back down after 14:36 taking out 5562 then it's going to be a flat close (no more trades)
next report tomorrow.....
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exit 5590 15:55 + 25
GBP supported around the Quarterly lows and the expectation is that price is rotating towards the March 50% level....
Ideally I would like for the R110 spiral point to complete the move higher into 1.9732 on Monday before rotating back down into the Weekly 50% level......
Note: confirm a lower daily close before trading longs the next day....there is still a large gap towards the 3-day lows, so ideally a 2-day 'stall-reversal' pattern is what I would like to see before looking for a move upwards....
10:25
Market opening below the Weekly 50% level, the 3-day 'Sell' cycle and currently being supported above the Quarterly lows.
For the move towards March 50% level to take place, the first step is a move up into the 3-day highs @ 5624 and the daily close above it.
Whether this happens today is another matter, because price is opening in the middle of the 5-day range and can go either way.
The past two Mondays have moved down, and with today's open and higher R44 spiral point, I would look for a down move of 44 points before any rise higher. I won't go long today on a higher open because of the range bar pattern.
But I don't have a high probability pattern today, other then using the previous 5-day 50% levels for any 'day-trading'
Upper Resistance:- 5580-88 & Lower support:- 5540...
Trying to gauge this morning's early price action and direction is hard because of where the market will open, but often around lunch time the market begins to consolidate around certain levels that can provide trades in the afternoon.
The important thing about today is:- Monday is the start of the new Week and begins a new 5-day pattern, with the view that price it will often try and rotate back towards the March 50% level which begins next week.
Nice short covering rally on the close swinging upwards 114 points (primary range).....
US markets have continued down into support zones...... nice set-up and continuation of Weekly trend down....
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