SPI futures Australian Stock Market 26th August 2011 recap

Today’s trading is based on whether the market continues towards a higher Friday close or not.

Support 4165

Resistance 4116
SPI Weekly and Daily range



Early rise upwards hitting resistance @ 4216 and drifting back down to close out the week near the 50% levels

The current upward move can’t break or close above the Weekly 50% level, which has the hallmarks of setting up for further falls coming into the end of the month and the start of September.

Ben Benanke speaks tonight at 11pm, and this will set-up whether the market follows a downward trend over the next 2-weeks, as part of a move towards the September lows.

Or the last week of the month continues to move up towards 4305, and aligns with the next monthly 50% level in September.








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