SPI Futures Australian Stock Market 31st August 2011 recap

Expected trading range between 4236 and 4281 (about 42 points).

This could result in price moving down into 4236, but then finding support and swinging back towards 4262, and then 4281

SPI Weekly and Daily cycles

The SPI didn’t move down into support @ 4236, but it followed a higher daily close towards 4281 (42 point range)

Last day of the month and the market continues to remain around the August lows, as it forms resistance.

That resistance disappears tomorrow, and we can also see the position of the September 50% level.

Last year the market rallied on the 1st of September towards the single monthly highs (currently 4549) over the first 5-days of the new month.

The only difference being is that last year the market was above the Yearly 50% level, whilst this year it's below.













Posted by