XJO CASH marketCASH market trading around the Fair Value, and when you compared the Aussie market to the US markets, we can see the difference in how far the Australian Market fell compared to US markets.
US markets are trading near their Yearly balance points for 2008, whilst the XJO would have to travel all the way back to 6213.
At this stage my view is to only move towards 5870 in this Quarter and then we can judge the market from July onwards.
SPI FuturesExpected move towards 5870+ in this Quarter, and if the market continues UP towards the MAY highs, then we will be heading towards the Yearly balance point.
If the SPI continues higher next week closing near it's Friday highs again, the MAY highs will push UP even further:- meaning that a move towards 6213+, can occur.
SPI Daily and 5-day pattern
Last weeks view was to move towards the Weekly highs, where the market stalled and moved into a 5-day pattern consolidation phase.
Weekly range moves higher next week to 5747, expected move, and looking for move of the same price action within the 5-day ranges.
At this stage my best set-up for trading a higher move next month, would be to see a lower Weekly close early in MAY, and then use the lower Weekly open (5-day lows) to trade up, as per the C set-up in the Weekly chart.
