SPI futures 2rd February 2012 Daily recap

Trend bias is based on the 5-day 50% level and channel highs.(4237/41)

Either the market continues up towards the Daily highs….(4259/63)

Or slips back down into 4214 (Support)


SPI Weekly and Daily cycles

 At the start of the day my view was that the market would continue higher based on the February 50% level and Weekly support @ 4221:- Higher Weekly close on Friday.

However, as mentioned in the Weekly reports…

The larger timeframe 50% levels (Primary cycles) are forming resistance during the first quarter, which could see the market BUTTS it’s head against these levels for a number of weeks/months.

Once the first timeframe bar closed below 4237/41 the trend bias was down into 4214.

WEEKLY REPORT OUT TOMORROW


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