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My view is for the SPI to continue higher this week. Remember the last day of August when the August highs were 6255, and the market rallied over 100 points on the last day to reach those highs, then I’m not going to discount that happening this week also.

Whether it gets as high as 6635-55 or not, the weekly pattern suggests a higher close than the open on Monday.

I can’t see anything technical that suggests weakness in US markets or the SPI this week, other than one down day.

The only thing I’m looking for is how US markets react this week after last weeks trending rally into Expiry. If this week moves in a sideways pattern and closes near the center of the trading week, then there is a potential for the market to reverse back down from next week

So if that happens, then it could match a rotation, which aligns with the start of October.

Lets see how this week completes, and then see what the price action for next weeks probability patterns are, whether day trading or medium term (longer term analysis)

cheers
Frank

<blockquote data-quote="Frank D" data-source="post: 206385" data-attributes="member: 4896">My view is for the SPI to continue higher this week. Remember the last day of August when the August highs were 6255, and the market rallied over 100 points on the last day to reach those highs, then I’m not going to discount that happening this week also. Whether it gets as high as 6635-55 or not, the weekly pattern suggests a higher close than the open on Monday.I can’t see anything technical that suggests weakness in US markets or the SPI this week, other than one down day.The only thing I’m looking for is how US markets react this week after last weeks trending rally into Expiry. If this week moves in a sideways pattern and closes near the center of the trading week, then there is a potential for the market to reverse back down from next weekSo if that happens, then it could match a rotation, which aligns with the start of October.Lets see how this week completes, and then see what the price action for next weeks probability patterns are, whether day trading or medium term (longer term analysis)cheersFrank</blockquote>

[QUOTE="Frank D, post: 206385, member: 4896"] My view is for the SPI to continue higher this week. Remember the last day of August when the August highs were 6255, and the market rallied over 100 points on the last day to reach those highs, then I’m not going to discount that happening this week also. Whether it gets as high as 6635-55 or not, the weekly pattern suggests a higher close than the open on Monday. I can’t see anything technical that suggests weakness in US markets or the SPI this week, other than one down day. The only thing I’m looking for is how US markets react this week after last weeks trending rally into Expiry. [B]If this week moves in a sideways pattern and closes near the center of the trading week, then there is a potential for the market to reverse back down from next week[/B] So if that happens, then it could match a rotation, which aligns with the start of October. Lets see how this week completes, and then see what the price action for next weeks probability patterns are, whether day trading or medium term (longer term analysis) cheers Frank [/QUOTE]

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