SPI futures Australian Stock Market 28th October 2011 daily recap

Break and extend pattern from Thursday's highs has completed at Friday's highs @ 4425. This could result in Today revisiting the Weekly high @ 4345.

Resistance 4414-25


SPI Weekly and Daily cycles.

 As noted in Yesterday’s recap, the breakout of Thursday highs will often extend up into Friday’s highs.

The pattern was completed last night @ 4425.

The daily highs @  4414-25 were seen as resistance, which resulted in a reversal back down to
retest yesterday’s Weekly breakout @ 4345.

We have the same pattern as yesterday’s daily breakout, but this time it’s occurring in the
Weekly cycle (4345)

Therefore, we have an expectation that next week will an extend up towards next week’s
highs using this week’s highs as a trend guide.

That's obviously going to be helped or hindered by the price action in
US markets.

US markets have the same breakout patterns in both the Daily and Weekly
cycles.

This often leads to Friday moving higher- friday's highs (random resistance)

If US markets close on its highs, then it's mostly likely going to extend upwards early next week.

New Weekly levels out tomorrow.



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