spi update

Fair Values:

SPI200 over ASX200 is -7.4 [Pre-Franking]

Dec over Sep SPI is 35.0




The market holds Thursday’s upside break.

Sup: 5004,4997,4988,4977,4955

Res: 5033,5045*,5053,5086,5102

Prices held the upside break of the recent trading range today.

Despite the break I favour a degree of caution until further confirmation is seen.

A daily close above resistance at 5045 where prices retrace 61.8% of the retreat from the 5153 July high would provide degree of validation to the break and would suggest a retest of this high before renewed weakness.

Alternatively, rejection through support at the 4988-77 region would signal that the break-up was a false one and would re-instate the downside risk.