SPI Daily 29th March 2011 recap

The SPI is trading below key levels in the market during the current month of March, with the expectation it's trying to push the trend back down towards the Weekly 50% level.


Support 4732


SPI Weekly and Daily range


My view whilst the market was below 4772 the trend bias was down.


However,as noted in this morning's report…


"Moves down in the 5-day 50% level @ 4732 and then swings back towards 4770, and becomes choppy around that level for most of today"


The SPI didn’t move down far enough for a swing back towards 4770, and then late buying has seen the market follow the trend towards the highs, which is towards the upper Weekly level @ 4804

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