SPI Daily 20th September 2010 recap

"Support 4627-31

Last Friday we had a similar pattern, when price moved down into 4644 and then rose upwards in the afternoon.

However, price was above the spiral filter and today it's below @ 4655

Resistance 4651-55"


SPI Weekly and Daily range

Same pattern as Friday:- Support with an upwards bias of
21 points, resulting in more consolidation during the 'day session'

Whilst the market remains above the highs @ 4628 the trend bias is
upwards…

However, I have the view that the S&P is starting this week with a
2-day reversal pattern: - trend guide 1116.50 (currently supporting
the S&P during globex hours)

Therefore, the SPI is once again going to be helped or hindered by the
price action in the S&P 500 over the next 2-days. If the S&P 500
follows with a 2-day reversal pattern (continuation down from Friday's highs)....

Then the Weekly level @ 4593 in the aussie market will be the trend guide
for the rest of the week.



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