SPI Daily 14th July 2010 recap

Based on the current patterns in the SPI (above Weekly 50% levels), the market should continue to move towards the July 50% levels & 4515

However, 4439 is another higher spiral filter that can provide a 21 to 42 point reversal pattern during the day



SPI Weekly and R42 range

Expectation that the trend is moving higher, with today’s opens above the Weekly 50% levels.

Early resistance around the spiral high @ 4439 in early trading, but a failure to complete the 42 point reversal downward, instead providing a 2x21 point reversal.

Late Buying in the market has seen the SPI continue towards the highs and trying to move towards 4455




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