US markets closed positively on Friday building on the previous days gains. I wrote a bullish piece on Thursday after the close and I don't see any reason to question this for now. NYSE Advancing issues closed at 2058, the highest reading since the beginning of April. Volume was also solid at 1.04bln shares. The key technical level is 1320 in the Eminis and breaks above here confirm a solid low in place.
Emini 60mins:
This is a strong basing pattern under 1320. I am adding to longs above here.
Emini 60mins
Price has now closed out of the downward flag pattern I was showing on Friday. I believe this is a strong inverse Head and shoulders pattern forming.
The XJO and SPI remain in a short term downtrend since topping at the 5000 level. Price struggled at 4900/4905 on Friday and this is my short term marker for a possible trend change back up. There is a possible Ending Wedge pattern I am monitoring but this needs a solid open this morning to confirm. The market is indicated at 4879 and the scenarios I am following today:
i) Look for a early bearish reversal candle out of the higher time frame moving averages at 85 to 90 . Get short with a stop above the high of this candle.
ii) Look for breakout trades above 4905.
iii) Short on breaks of 4860 looking for a retrace down to 4800 level.
SPI 5mins:
Other patterns I am following in the region today:
MSCI Taiwan April 15mins:
Double Bottom Trade setup
Nifty April 15mins:
Looking to get long today out of this 61.8 retrace level. Price exploded higher on Wednesday and thus we should be looking to buy the first pullback. Here it is.5800 to 5825 are the key support levels
BSE Daily:
The Bombay Sensitive put in a very strong closing candle out of the flag pattern. We need to join this price action with stops below the low of this candle
Thanks
Austin
