SPI Daily 30th April 2009 recap

"The Australian Market has been capped under the April highs since reaching 3852.

SPI back into the monthly level 3778 that has been resisting price for most of this week.

Random support the blue channel highs @ 3752"

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SPI Weekly and 5-day pattern

Last day of the Month and the SPI consolidates between the 5-day channel support @ 3752 and the 5-day highs @ 3794-97.

After a frustrating morning of trying to short the market and being stopped out there were a couple of trades that finally went in my favour around the highs and pullback into support.

I wasn't interested in BUYing Support today, all I was interested in Selling the market down into Support, and taking small chunks out of today's range.

Once price hit the 5-day highs in late trading that was a bonus short trade.

In conclusion:-

Last day of the Month, and it's probably higher than I expected the Market would finish.

Since the April highs have reached 3852, the Monthly level @ 3778 has
been playing a major resistance zone, but it's not going lower if US markets continue to creep upwards.

As we can see the shift in TIME, and all levels dynamically move foreward,
so what is resistance in the month of April is less likely in MAY.

Tomorrow's Monthly balance point @ 3725 is my trend guide for MAY. I'm
still expecting a retest of the MAY 50% levels, but if itis not below 3725
then at this stage the market is going higher.

The only chance of a Friday sell down this week is, if the SPI opens
below that Monthly balance point tomorrow, and at this stage that's
wishful thinking if US markets don't have downside follow through
after Wednesday's highs.


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