SPI Daily 29 November 2010 recap

The SPI is trading around higher timeframe support levels @ 4571-82, along with a lower Weekly open.

As mentioned previously, this week can rise up from support and then push higher from December using the new monthly 50% level

Trend guide 4580-84 (brown filters)



                                                                            SPI futures

Early push down into support levels once again, and now we have a lower Weekly open rising up from support

This is the first time in over 3-weeks, that price is trading above the channel highs and remaining above it, with a higher daily close above 4613 (not shown above)

At this stage there are a number of patterns that are playing out based on the higher timeframe cycles and support levels

But the interesting price action will be from Wednesday onwards and the start of the new month:- December 50% level

And also how the S&P trades for the rest of this week:- Dilernia Drop




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