A few observations.
Dynamic mid points for Friday night/Monday and also weekly midpoint for Friday night/next week were 3751 and 3752 SPI so a combined effort at support there. A break would obviously be bearish. When trending, midpoints are more significant than the extreme opposite band.
April 17 is still the local high although US has done better.
April 17 apart from being Armstrong's top time was also Frerrera's and the later has a shallow low for May 12 and then up to June 8. His call for an important low was March 12 so he can be a little out.
His shallow May 12 low is interesting as that is budget day and with others looking for a US top now or in the next few days, perhaps the variness we often see leading into budget day happens again.
The twin high closes on 4 hr SPX @ 870 once again was support last night as it was the previous night. Yes, the market went a little lower but I refer to bar closes. Important obviously.
Should we go lower I am still thinking SPX 800 and SPI 3550 as important support.
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| XJO (ASX) Chart |