SPI futures Australian Stock Market 10th August 2011 recap

Overall trend bias is to continue up towards 4207 (weekly 50% level)

However, my view is that 4124 can act as resistance and reverse down 42 points towards 4087

Then 4087 can act as support.

SPI Weekly and Daily range.

Market didn’t open @ 4124 to sell the open, instead the market continued down 42 points providing support @ 4087, which then move to a high @ 4124 later in the day

Resulting in  Wednesday consolidating in a tight trading range of 42 points.

The trend bias is to continue up towards the Weekly 50% level by Friday…

However, that will depend on how the S&P responds to it’s Primary 50% level @ 1173, which is currently acting as resistance.






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