SPI 25th November 2008 recap

"US markets have moved back into the Weekly 50% level, along with being the last week of the Month and Monday's UP day suggest that currencies and Index markets are rotating up off their November lows and moving back towards their December 50% levels next week.

However the Aussie Market is trading below the November lows, which could easily 'cap' the market rising higher.

Trend guide simply use 3582.

Below and price will probably come down down into the 5-day 50% level:- random support 3472"

Above 3582 and price will move towards the Weekly 50% level @ 3682"

Premium Report

SPI Weekly and 5-day pattern

The SPI ended up trading either side of the Trend @ 3582 with a late rally after 3pm towards the Weekly 50% level.

Even though US markets look to be rotating upwards into Friday, today's trading in the Australian market doesn't give any clues on the direction other than a rotation towards the Weekly 50% level in the first 2 days of the new week.

The Aussie Market is still below the Weekly 50% level, and at this stage this 2 day reversal back towards the Weekly 50% level could easily reverse back down on the 3rd day.

Therefore US markets need to continue higher on Tuesday, and the SPI needs to gap open above 3682 on Wednesday to get any more interested buyers into Friday...




    • Daily Trading Set-ups & Analysis

  • Index Futures SPI, DOW S&P, & Forex

  • Subscribe to the Trader Premium

  • http://www.datafeeds.com.au/premiumtrader.html



    • Posted by