SPI futures Australian Stock Market 5th October 2011 Daily recap

Resistance on open is once 3951 (weekly level and Daily 50% level)

Trend bias is down 21 points as a first partial exit target, and then 42 points

Random support 3880


SPI Weekly and Daily cycles


Early resistance around 3951 on the open, but then it popped up into a high @ 3957, which was a continuation of the 42 point spiral top from yesterday.

Once that completed and moved back below 3951, the trend bias was down…but it didn’t reach the support level @ 3880


With the SPI rising up from it's Weekly lows @ 3820, there is now a possible continuation of the upward swing towards the Weekly 50% level, as last night's pattern completes the break and extend pattern from the previous Weekly breakout @ 4002 down into this week's lows @ 3820.

However, it will need some help with price action in US markets tonight...

otherwise, there's the October lows looming, which is the overall downside target during the 4th Quarter.



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