XJO Weekly chartsThe further this Quarter pushes down, the lower the next Quarter will travel, and any UP side back to the trailing 50% level in the next Quarter is going to be less.
And the Quarterly lows in the next Quarter is starting to get close to my overall downward target in 2008 @ 4538.
"On Monday price will be opening around the Weekly lows @ 5165, and the expectation remains that price is moving down into March lows. Any reversal upwards from Weekly lows and it's only viewed as a short-term 2-3 day pattern before the trend continues down into March lows." Last Weeks Report.....
SPI Futures Weekly and Daily Charts
Daily counter-trend upwards within the overall Weekly down trend, and next Week's channels lows are now dynamically pushed down matching March Monthly lows.
We can see last Week's trading and 5-day sideways pattern supported around the Weekly lows @ 5156, but those Weekly lows for next week are now pushed further down @ 4999.
And with SPI opening on Monday below last Week's lows @ 5156, there is going to be more chance of downward follow through.
SPI Intra-day 44 point Range ChartsMonday Last Week had the Weekly lows and 5-day lows as initial support.
This Monday there is no support to help to market to move upwards. The only support in the short-term will be the lower 'Spiral-point'.
At this stage Monday looks to be heading down.
Note: As mentioned last Week......
"The 5-day ranges are a major driving force in the market, and the levels often play support-resistance, and also attract price towards the levels each day. The further the level away the greater the market will move.
However within the trading day, the range rotations don't always play out the same, yesterday was heavily influenced by 22 point rejections, whereas other days are often influenced by smaller ranges when markets consolidate (14-18 points)
On Tuesday 44 points was a major trading range, because of the 5-day levels (support-resistance), this was also the case on Friday, along with 22-point range rotations.
It is often a good idea to keep an eye on price action within the trading day and adjust, espescially after the first 90 minutes of trading has taken place (thrust), because it will give intra-day traders a good idea on short-term 'scalping' trading whilst the market is travelling from one level to the next, or consolidating above or below the 5-day levels."
Please Read the Daily Report's each day......
