SPI Futures Australian Stock Market 1st September 2011 recap

With the SPI opening above the Weekly level @ 4305, & the trend bias looks like its going to continue up towards the Weekly highs @ 4379.

Partial exit 42 points up at next spiral filter @ 4349.


SPI Weekly and Daily Cycles

1st of the month saw buying come into the market with a breakout of the daily highs.

This was helped by the Thursday trading above the Weekly level @ 4305, and the market beginning the new month above the September 50% level @ 4265.

This saw the market rally 42 points, but instead of continuing towards the weekly highs @ 4379, the market reversed down from the spiral filter @ 4349.

More weakness hit the market when the intra-day closed below Thursday’s highs @ 4320, and we can now see price rotate back down towards the September 50% level @ 4265.

Current price action doesn’t bode well for a first week of the new month rally towards 4564, as we don't have a daily break and extend pattern:-  Thursday’s highs towards new highs on Friday

As per Weekly report…..Once the next 5-days are over, then the week after next (Sept 5th) will let us know whether the trend continues down towards the September lows....


Or continues upwards using the September 50% level as the trend guide;- target 4564

Note:- S&P 500 on Thursday has closed above its Weekly highs, and new September 50% level











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