SPI Daily 20th August 2010 Daily recap

Spiral filter Resistance @ 4420-24

Expectation price is moving down into support levels :- 4373-87 (42 points)


SPI Weekly and Daily range.

Early rise upwards into resistance levels and a move down into support levels and then more consolidation within the Weekly ranges.

As pointed out in the Weekly report, the Australian market looks well supported, however, what’s going to drag the Aussie market lower is the price action in US markets

I’ve bearish on the S&P 500 this week, however around the Weekly lows becomes a random support level, that’s either going to provide a swing low based on reliability of the pattern working as normal…

Or

After 2-days of trying to break 1098.50 along with Thursday’s down day (as expected), the trend can often break out of the weekly lows on Friday and continue to trend lower over the coming week.






Posted by