SPI futures Australian Stock Market 27October 2011 Daily recap

Current price action favours Thursday being an UP day, as the market tries to make its way towards the Weekly highs @ 4345 by Friday

Confirmed with a breakout of Thursday’s highs @ 4279

4214 is support (spiral filter @ 4213)

SPI Weekly and Daily

Market moved down into Support levels and then rose upwards…

Then the news hit the markets on the euro zone financial package

RTRS-SARKOZY - NEW FIREPOWER OF EFSF IS ABOUT 1.4 TRILLION DOLLARS

Which coincidentally provided the platform for the market to breakout of the daily highs @ 4279, and continue towards the Weekly highs  @ 4345 on the same day.

Breakout of today's highs, will usually extend towards the following Daily highs, as part of a break and extend pattern.

And any further gains will also depend on US markets, as part of a larger upward trend towards the 4th quarterly 50% level @ 4519, as per the Weekly report.

And as the S&P continues towards 1274.50




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