SPI Daily 18th February 2010 recap

SPI will be hitting a number of resistance levels in the day session based February 50% levels @ 4664.

If that's the case then the SPI is going to stall around today's 5-day highs and drift lower.

Note:- there are two patterns at play this week...

1. trending weekly timeframe into higher highs by Friday (SPI around 4760 by next week)

2. Hit resistance on Thursday and price moves back down towards the 50% level over the next 2-days (lower Friday)

This is part of a retest of the breakout from Wednesday







SPI Weekly and Daily range


At the start of the day I expected the SPI to push up towards the daily highs @ 4673 and then reverse back down 42 points towards the 50% levels @ 4605-4599.

This is part of a break and extend pattern from yesterday, and then the market reverses back down towards the 50% levels

Instead the latter occurred, higher open and down into support and then a late rise that couldn't complete the R42 range towards 4648 because of the Weekly 50% level @ 4636

At this stage the market remains below the higher timeframe 50% levels, and any advances will be based on US markets moving higher.

or the potential to close Wednesday's gap if US markets have a lower daily close.



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