SPI futures Daily 11th August 2011 recap

Trend guide 3998


First target 4045 (5-day 50% level)

SPI Weekly and daily cycles


I only had 1 view, and that was to use the trend guide @ 3998 to trade up towards the 5-day 50% level @ 4045.

I'm so used to the market only moving 42 points in a day, that I easily forget how much volatility is in the market on an intra-day basis. Today moving 2x84 points from bottom to top.

Any further gains tomorrow should see the market continue towards the Weekly 50% level @ 4207.

Otherwise, there is still the potential that Friday closes near the Weekly lows, and then we see further upside next week.







Posted by