spi update

The market holds gains to provide a positive indication.

Sup: 5036,4998,4978*,4955*

Res: 5075,5086*,5102,5112

Prices are holding recent gains providing a further positive indication, threatening additional upside to a retest of the July high.

The overall technical picture is not constructive enough however to be confident of this outcome.

Continued work above 5045 would strengthen the case for higher levels as would a break of higher Fibonacci resistance at 5086.

To the downside, a retreat through support at 4998 would create a minor breakdown and would begin to re-instate a bearish picture.