Market Update 05/01/2015.

Visiting SPI Futures SHORT TERM 1000 Tick Chart, to see where we may be headed in the short term ?

We must remember that, we are still in the same trading range, that we have been in since late August, on the daily TF and got knocked back at the significant resistance level. That is where the short term top, as shown on this chart, is completed and a reversal of trend occurred to the down side. See candle with marked with SOW confirming the  change of trend.

At present, the down trend on this chart is continuing, it’s boundaries marked with the  Blue trend lines. As long as this down trending channel is in effect, short term bearish bias will remain in place.

At this stage, I am looking for a change of character/behaviour by the price action which would signal a HALT to this down trend. Until then, short term trend on this 1000 Tick SPI chart is down.

SPI 1000 Tick Chart as @ 16:50 05/01/2016.

spi1000tick05012016

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