SPI Daily 17th March 2010 recap

"For the market to continue higher in March towards the highs @ 4917 price needs to breakout and close above this level @ 4839..

Based on the levels in the 5-day range it's hard to be trading any longs on today's higher daily open.

Resistance 4841

Support 4812"




SPI Weekly & Daily range.

Short-term 2-day reversal in US markets on Tuesday failed to continue lower along with the expectation that the SPI would be trading around the Weekly 50% level @ 4745

Instead US markets pushed upwards and the SPI opening around the Daily highs on Wednesday

Higher daily open @ 4841 and it’s hard to be trading longs, as it’s normally associated with resistance and a pullback into support @ 4812

Early resistance @ 4841 but a failure to continue down into 4812…

And a reversal and break above the highs, with a bias to continue towards March highs 4912-17






Posted by