SPI Daily 25th February 2010 recap

Based on current price action the Aussie market looks like consolidating until March (below the February 50% level)

Resistance 4680

Support 4642-46

Thursday looks like another consolidating trading day.

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SPI Weekly and Daily range.

Thursday looked like a consolidating trading day, but it ended up a trending day back down into Thursday’s lows, the 3-day cycle lows @ 4581, and the Weekly 50% level @ 4565

I wasn’t expecting that down move to continue until price failed to hold support levels during the day

Currently the SPI is consolidating below the monthly 50% levels, and we have seen price come back down into support levels.

Normally I would say that this reversal pattern will continue higher tomorrow, however the short-term bullish patterns in the S&P on Wednesday haven’t held support levels during globex hours.








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