SPI futures 16th February 2012 Daily recap

With the SPI trading under the February 50% level @ 4204 the trend bias has the potential to move lower, target 4078 by Friday.

Below the Weekly lows @ 4169 and the bias is to move down into the next spiral filter @ 4133.(42 points)

SPI Weekly and Daily cycles.

As noted in yesterday’s US market report…. US markets have a trend bias to move lower on Thursday & Friday, pushing the Aussie Market lower.

If the market was going to have any support it had to remain above 4167 (Weekly lows), but that failed, resulting in a breakout pattern from today’s highs to today’s lows;- next spiral filter

Currently there is a breakout pattern in Thursday’s range (4185), therefore there is a bias to continue with the break and extend pattern into Friday's lows, and as low as 4078