As mentioned in last week's report:- an open below that level in August and expectation price is moving down towards August lows, as it follows the B setup.
Day traders:- simply trade the 5-day levels using Spiral point techniques"
Previous Weekly Report
SPI Weekly and Daily charts
The Aussie Market opened below 5000 at the start of August and began the next wave down, as part of the B Set-up, continuing down into the Weekly lows completing the first stage of the sell pattern.
Whereas in the US, those markets closed above their 50% levels, which favoured a rise higher into Friday
(click link to read DOW and S&P Weekly Reports)
http://www.usindexweekly.blogspot.com/
Often global markets move in unison, we saw this in the lows in March, the lows in July, but the 'pop' upwards in August wasn't aligned in the Australian market compared to the US markets.
Most of the UP moves in the market were because of the US markets continuation higher providing the higher opens.
Next Week:- price is trading above 5000, and the short-term view is to continue higher into the Weekly highs @ 5159, and could go as high as 5233 (following Week)
Ideal pattern would be a test and reject pattern from the Weekly 50% level.
After that completes I don't have a long term view on the market for another 5-days.
- Daily Trading Set-ups & Analysis
