SPI Daily 25th August 2010 Daily recap

Early support 4308-13

Resistance 4342-48 :- I’d be surprised to see the market above resistance today.

Below support and trend bias is down towards the Weekly lows @ 4290.



SPI Weekly and Daily range.

S&P continues to drag markets lower and the SPI is following, with today’s lower open and failure to move higher than 4342

There was an upside gap fill from today's support  @ 4313 and into yesterday’s breakout using Wednesday’s 5-day lows as resistance (4342), and the rest of the day followed the Weekly range pattern towards the lows @ 4290

SPI is trading around the highest timeframe 50% level @ 4295 once again , and this is a robust support level during 2010

However, it’s the S&P 500 that’s driving the markets, and any further weakness in the S&P 500 as it moves down towards the August levels @ 1016-22 will see the SPI lower




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