SPI futures Australian Stock Market 1st February 2012 Daily recap

Trend guide 4243

4243 will determine whether the market rises up from the Weekly level @ 4221 (yesterday’s low)….

Or fails and moves down into the February 50% level.

SPI Weekly and Daily cycles

Market moves down into the February 50% level @ 4204, found support for a number of hours...

 but support failed, and  price has closed below the February 50% level.

Not a good sign for the 1st Quarter, but it’s not unexpected….

As the Primary and Secondary cycles (below the higher timeframe 50% levels) have been bearish for over 6 months now, as per Weekly report.