SPI Daily 3rd March 2010 recap

"Early trend guide on the SPI is going to be 4723...


If above it's pushing up towards resistance levels @ 4744-52.

Below 4723 and consolidating pattern around support @ 4696"




SPI Weekly and Range.


SPI is currently trading above the monthly 50% levels with a bias to continue higher.

However, based on the current price action in the daily range I’m treating the SPI as consolidating within the daily range and looking for short-term patterns of 21 & 42 points using support or resistance

After initially continuing higher from 4723 into resistance levels, today remained range bound with little movement around the top.


Any short-term reversal back towards the monthly 50% level this week is either going to happen based on price action in US markets...


Or Thursday's set-up (tomorrow) using the levels in the daily range