SPI Daily 16th July 2010 recap

Today is about whether Friday continues to move upwards resulting in a higher Weekly close towards the daily highs

Or whether this week ends up as a 5-day pattern that consolidates and closes in the middle of the Weekly range

Support 4393.



SPI Weekly and Daily range.

With the spiral filter high two days ago and finally closing down @ 4407, the Aussie market was going to struggle to rise higher than 4425.

This has seen a drift down into support levels @ 4393, resulting in a 5-day pattern that closes in the middle of the range :- 'NO CONTROL'

Buyer or sellers don’t have control of this week’s trading…

And are awaiting to see whether the S&P continues to drift lower based on the resistance level @ 1099.


Weekly report out tomorrow



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