SPI Futures Daily 8th August 2011 recap

Support Monday’s lows @ 3967

Looking for a gap closure to Friday’s lows @ 4039, as part of swing towards the Weekly 50% level @ 4207

SPI Weekly and Daily cycles

 As per Weekly report, I’m looking for the market to move into a short-term counter-trend move upwards, before it continues down into this week’s lows:- break and extend pattern in the Weekly cycles.

Monday’s support and gap closure played out precisely, but it then failed to continue upwards, moving back under support @ 3967 and now heading towards the Weekly lows.


If the SPI does continue higher in the short-term then it will have to be on the back of the S&P following the same upward move

But at this stage the S&P is trading below higher timeframe support levels @ 1169/1173.






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