SPI Daily 14th February 2011 recap

Monday's highs are seen as resistance levels @ 4892/98.

If above 4898, expectation that the market is rising upwards 42 points towards the Weekly highs.

SPI Weekly and Daily range.

At the open of the trading day my view was for the market to move down from resistance levels, with a minimum move towards 4871, and then judge the trading day after that.

However, at 10.40 am buying came into the market resulting in a breakout of the daily highs @ 4898, and a trend bias towards the Weekly highs @ 4935.

With the market now trading above the Quarterly and Monthly highs @ 4883, there is a trend bias to continue towards 5093, based on the Primary cycle.

The trend will be helped or hindered by the price action in the S&P 500




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