SPI futures Australian Stock Market 18th October 2011 Recap

US markets have started this week with a 2-day reversal pattern...that means there will be further weakness in the Australian market towards the October 50% level @ 4109

Today:- the closer it opens to 4228 the more chance it has to move down towards Tuesday’s lows @ 4176-87.

SPI Weekly and Daily.
Didn’t rise high enough in early trading to short the market (intra-day :- 21 point high @ 4228)

As it continued down into Tuesday’s lows, random support @ 4187..and then further weakness into the close.

Because of the view that US markets are making a move lower on Tuesday (2nd day reversal), I have the view that the SPI is making its way back towards the October 50% level @ 4109



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