Australian Stock Market SPI Futures 28th November 2011 Daily recap

This week's trading is based on whether the market continues with the Weekly break and extend pattern down into this week's lows @ 3919

or whether the market begins with a 3-day up move up towards the Weekly breakout @ 4102-4125

Trend guide 3996 (resistance 4949 50% level)

SPI Weekly and Daily


Market opened much higher and is in the process of following a 3-day reversal pattern up towards the Weekly levels @ 4125.

My resistance level intra-day @ 4049 failed to hold…

Instead it continued to move towards the channel high @ 4074 before the market stalled, reversing down 42 points.

As the market currently remains above the Daily 50% level, the trend bias is up for 3-days to at least 4125 or more, as part of a rotation towards the December 50% level starting this week.


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