SPI Futures 5th August 2011 recap

Support 4074

Resistance 4131-37

SPI Weekly and Daily range.


Today’s BUY support @ 4074 only lasted a double R21 range, before it moved back down, closing on its lows on Friday.

4074 was an intra-day support level with the expectation it would rise back towards the Friday level @ 4131, matching the Primary BUY cycle lows @ 4137.

If that happened, then my view 4131-37 would form resistance on an intra-day basis, and probably dip lower overnight, as the S&P goes looking for it’s own support levels @ 1169-73. There is also a break and extend pattern in the Weekly cycles from 4321, and that can extend towards lower lows next week



This week’s top-to-bottom 5-day cycle has also broken the larger timeframe support levels @ 4137, and this could see further weakness in 2011.

Any further weakness in the SPI will be determined by how the S&P responds to it’s own larger timeframe support levels on Friday @ 1269-1273.



Weekly report tomorrow.








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