SPI futures 16th August 2011 daily report recap

My view is that the 3rd week of this month could take the SPI as high as 4405 to 4457 by Thursday.


However, the August lows could form an early resistance zone today and move back down into Tuesday’s level @ 4236

SPI Weekly and Daily range.

August lows have formed resistance on Tuesday, which isn’t surprising, as it’s part of a monthly breakout pattern that could extend towards lower lows in September.

Today moved down into Support @ 4236 and then rose  upwards precisely 42 points, but it then failed to continue upwards, instead price remained around Tuesday’s level @ 4236, which doesn't help with a 3-day rally.

As you are aware, my view remains with a 3-day up-move during the 3rd week of the month and then 'potential' selling from Thursday onwards.


Therefore any further gains in the short-term will need to be on the back of US markets continuing higher overnight, otherwise it could struggle to break the August lows, and then continue lower later in the week.



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