SPI Daily 14th October 2010 recap

Trend guide 4666

Resistance @4696

If market closes above 4696 by 11:20, it is likely to continue to push higher:- 4715 to 4726"


                                                         SPI Weekly and Daily range

Tuesday was rejected down from 4708

Wednesday was pushed down from 4671 (42 points)

And today the market rallied up from 4665 towards the first line of least resistance @ 4696.

Once price started to trade above 4696 after 11:20am, the trend bias was to continue upwards (high 4715)

Around 4713-4715 the market stalled (Weekly level)

If US markets continue higher on Thursday, then the SPI will be trading around the Weekly highs by tomorrow.

However, the S&P 500 is now moving up into resistance levels in the 4th Quarter, as per Weekly report.
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