SPI futures Australian Stock Market 29th August 2011 recap

Trend guide 4221

Monday's trading is based on whether this week continues to move up towards  4305…or revisits the Weekly 50% level @ 4129

My hunch it's going to continue upwards (90 minute close above 4243 will see more gains


SPI Weekly and daily

Early selling pressure (21 points) but 4221 held support and then confirmed with a 90 minute close above 4243.

This pushed the SPI towards higher highs.

The Market is still below the August lows, and these lows could continue to form resistance until Thursday