SPI Futures Australian Stock Market 22nd August 2011 recap

"Trend 4064.

Above and first target is 4094, and as high as 4119."

SPI Weekly and Daily cycles

SPI moved up from the lows and went higher than expected in the early part of the day, reaching the daily 50% levels.

As noted in the Weekly report, the SPI can remain within the Weekly range (above 4029), as the S&P remains above 1115...

however, there is a trend bias to move towards the September lows.