SPI Futures Australian Stock Market 30th August 2011

Normally August lows are seen as resistance until Thursday..

Weekly 4305 and Daily highs @ 4302 ;- resistance down 42 points.


SPI Weekly and Daily cycles.

The SPI is back into the Weekly level @ 4305, which coincides with the August lows and Tuesday's highs.

This was seen as resistance (42 point down move)

Normally the market remains below these levels over the next 2-days, as the August lows continue to form resistance…

If the market is going to continue higher, then from Thursday onwards  would be the ideal pattern, as resistance levels disappear, and also the SPI will begin trading above the new monthly 50% level in September :- which could see a target of 4555 + over the next 5 to 10-days

This is a similar pattern as in 2010. The only difference is this 3rd Quarter is different compared to last year. This year being more bearish as it's trading below the Yearly 50% level @ 4625, whilst last year was above.

As noted in the Weekly report…..

Once the next 5-days are over, then the week after next will let us know whether the trend continues towards the September low pattern using the Monthly 50% level as the trend guide....

Or moves upwards using the September 50% level as the trend guide.









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