SPI futures 8th March 2012 Daily Recap

The higher timeframe support patterns (Weekly lows) suggests the market will try and rise upwards, as part of a move towards retesting Wednesday's breakout and 5-day 50% level @ 4189.

Trend guide 4172

SPI Weekly and Daily cycles…

Market support around 1410-49 has seen the market rise upwards, but it has failed to move towards the 5-day 50% level @ 4189, which also coincides with the Weekly level @ 4188.

Any further gains towards the March 50% level @ 4222, will depend on US markets continuing to rise up from their own Weekly lows.