SPI Daily 19th August 2010 recap

"SPI currently trading around higher timeframe 50% levels, which are currently forming resistance zones.

Trend guide 4457.

Below and the trend bias is to move down 42 points towards 4424"


SPI Weekly and Daily range

Early resistance moving down from 4456 but not completing the entire 42 range (low 4429), and another tight trading day.

After hours has seen buying push the futures upwards into a higher daily close but still around resistance levels.

The rest of this week is based on the direction the S&P 500 takes, and I would have favoured more downside if the S&P 500 continued down during globex hours and already trading below 1084.75 by Thursday midnight NY time, but that’s not the case.



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