SPI Daily 25th November 2010 recap

We have the same pattern as last Friday and Monday.

The first 90 minutes pushes upwards and then selling comes in from 11:20.

Downside 4595 and Random support

resistance 4624-27

SPI Weekly and Daily range

In Yesterday's afternoon  Premium report I mentioned that the SPI can swing back towards Tuesday's breakout @ 4621-25

And today's higher open matched that but the reversal down wasn’t validated until after 11:20 using 4516 as resistance.

Exit zone was 4595, which is also above the 3-week lows @ 4593

After yesterday’s lows at major support I have the view that the SPI is moving upwards, with a swing towards the 5-day highs @ 4688.

However, my gut feeling today was using resistance and a move down towards @ 4595, as today's price action was retesting the breakout from Tuesday, which can often form resistance.

There will be no leads from the US markets overnight because of Thanksgiving, therefore further gains towards 4688 can’t happen until tomorrow at the earliest.

Below 4593 and the market moves into a lower Weekly close around higher timeframe support levels




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