SPI Futures Australian Stock Market 18th April 2012 Daily recap

Trend bias is up towards the Weekly level @ 4358.

Note:- Weekly low support and trading above the April 50% level has a bias to follow the monthly cycles towards the Weekly highs @ 4389 this week

SPI Weekly and Daily cycles


There were three possible patterns today.

#1 ) sells down from Wednesday's highs @ 4343, and moves back down into the Weekly 50% level @ 4309  (support)

#2) moves up into 4354/58 & stalls (21 points)

#3) whilst above 4358 the trend bias is UP

Today followed #2, hitting 4354/58, but remaining above Wednesday's highs @ 4343...(not reversing 21 points)

And the Market is  now likely to follow the break and extend pattern into Thursday's highs, & also the Weekly highs @ 4389

Posted by