SPI Futures 29th July 2011 recap

There is a breakout of Thursday’s lows that could see the trend continue down into Friday’s lows.

Resistance:- 4453

Trend guide 4427

SPI Weekly and Daily range.

Weekly lows @ 4427 failed to provide more than a 21 point rise, with a daily target @  4453 (resistance)

And once below the weekly lows, the trend bias was to continue down into Friday’s lows, and reach the July lows @ 4395 on the last trading day of the month.

US markets are currently trading below the Weekly lows, and without a meeting in the US on Friday to resolve the debt crisis, could see more weakness to follow into next week.

As noted in the Weekly reports, a failure to resolve the debt crisis has seen the SPI break critical support levels in the 3rd Quarter, and could possibly follow the larger primary cycles towards lower trend lines @ 4137

Weekly report out tomorrow.







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