Indices 23/05, page-109

Looks like MMs are sticking to the plan.

As discussed last week, the initial move has been north with the US closing the week out very strongly.
This pushed Aussie futures right up toward the POC for the last 18mths.

The supply up here coupled with a number of technical resistance triggers should prevent any move much further north in the ST.

Those triggers include both the 50dMA and 200dMA plus the 0.382 Fib level (left off chart to keep it simple but is almost right on POC)
You can bet the algos will have these levels programmed in.

IMO we may see a consolidation before the next bigger move, which I also believe will be lower but stranger things have happened.

I'll be looking at the range between 7270 (current) - 7320 to accumulate shorts but will keep a little powder dry for a short impulse move to around 7400.

I'm also expecting a test on 6800 before the end of July but with volatility atm will have no problems locking in profits if opportunities are presented.

Last week was a great week in the markets so lets hope those MMs keep sticking to the plan and make it a great month to close out the FY.

Good luck, which ever way you trade.
.