Quick run down of the markets I follow this morning and my plan.
SPI
The SPI has bounced superbly off yesterdays lows at 4470 this morning but now is coming into some overhead resistance at 4550/4560. I am setting up a twitter account on this blog so I can quickly call out these trades as they materialise.
I think the easy money for today has been made and I think short term caution is warranted here for short term traders. Position traders once again need to see a strong close today to confirm a low. Note that today's low is just short of the 61.8 retracement on the Daily. I have been stressing that a climatic low is forming but we need confirmation first. Today looks like it could be that day.
SPI 5mins:
MSCI Singapore
The key resistance level today is 3500 with strong support at 3450. I do think we need to consider sell setups into hourly moving averages in the next 2 days as new momentum lows have been made. Our key marker is 3550 and any strong move above here means this has been a bear trap
Taiwan
It is possible that we have formed an A=C move off the high as shown on the 60mins below. This would be confirmed if we can trade back above 8450. Today's resistance levels are 8350/8400 and look to short if we fail here with tight stops. Momentum has made a new low thus we should be looking to short the first pullback. If there is no weakness at all, the bullish A=C pattern is in play
Taiwan 60mins:
Hang Seng Daily:
The consolidation pattern I have been monitoring remains in play despite yesterdays weakness. Support has held and traders should be using yesterdays lows as a stop point for potential long swings. Position traders need to remain patient.
AUD
I got long this am based on a breakout of the 5min pattern below. The bigger picture does look bearish but I am taking this one swing at a time for now. Short term target is parity. 98c is key support and should be the marker for position shorts.
Good Luck
