SPI Daily 1st August 2011 recap

If something is done over the weekend to resolve the debt ceiling, then Markets can open much higher, and quickly move back towards the August 50% level …


(Weekly report)

SPI Weekly and Daily

Finally something was done, and the SPI opened higher and proceeded to rally on the news, stalling at the previous breakout from last Thursday @ 4489.


Whilst the SPI is above the Weekly level @ 4442. the trend bias is to move towards the Weekly and monthly 50% levels @ 4519 to 4530.

Any further gains overnight will depend on the S&P’s higher open that aligns with the August 50% level, which could act as early resistance.










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