SPI Daily 3rd September 2010 recap

SPI Trading around resistance levels: - Weekly highs @ 4569

Spiral filter @ 4557 and Trend guide:- 4551

Support:- 4522 (Weekly level)


                                                             SPI Weekly and Daily range

Higher daily open and fade down from open using a shift in the daily pattern from 4510 to 4551, along with the spiral top @ 4557

Trend reversal was based on either the market continuing down into the 5-day 50% level @ 4483, as part of retesting Wednesday's breakout...(4471)

or it was going to find support around the weekly level @ 4522 and consolidate, which it did.

Market dynamics suggest further gains next week towards the September highs...

And that will depend on how the S&P 500 responds to non-farm payroll out tonight.





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