SPI Daily 21st September 2010 recap

SPI Trading around the highs @ 4697 :- resistance

I would look at today's higher open and gap fill towards 4663, as first target.


SPI Weekly and Daily range

Higher daily open and a move back down into trailing levels in the 5-day range with first target being 4663. Anything after that it didn't matter.

The S&P 500 continues to help the Aussie market remain supported with
last night's up move.

I favoured this week starting with a 2-day reversal pattern, but instead
we have a 2-day stalling pattern above 4593 with today's reversal down
from Tuesday's highs

Until there's a 5-day low breakout, the congestion around the highs (upward bias) can continue until the start of the 4th Quarter.

4th Quarter target remains 4895, but my preference is for the market
move down and then continue higher from the start of October…

rather than September continuing higher and reaching 4895




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