spi update

The market rebounds from levels approaching important support.

Sup: 5404,5396*,5387*,5359,5356*,5344*

Res: 5439*,5455,5470,5489,5510-20*

Prices weakened to within striking distance of important support at the 5344-56 region this morning, where recent minor pullback lows are situated, and rebounded strongly.

This price action is highly positive and suggests that the uptrend is not yet complete.

A break of 5439 would provide a further positive indication.

The structure from the 4758 June low projects important resistance between 5510 and 5520 as a likely objective and a place from where rejection is likely to be seen.

The technical picture will remain positive providing we do not see weakness through support at 5387.

WOOPS !