spi update

The market appears likely to unfold lower to a test of support.

Sup: 5411*,5387,5368,5356

Res: 5459*,5472,5489,5503,5510*,5520*

Prices were unable to hold the early break of resistance at 5459 yesterday to maintain a pattern that is on balance negative in a short term basis, and suggestive of unfolding weakness to a test of the important (in terms of the medium term pattern) 5285 support.

A break of support at 5411 would provide a bearish indication, whereas renewed work above the 5459 resistance and a break of yesterday’s 5472 high would argue against this interpretation and would threaten a far more positive outcome.