spi 6250 is an obviously important level, some sort of axis...

spi 6250 is an obviously important level, some sort of axis around which price has been rotating for a week or so, also the level of some of the more obvious DP interventions. Again obviously there has to be a lot of confidence in the xjo market (and a lot of liquidity) for that level to be attained and retained in the current global uncertainty.

spi volatility has been shrinking steadily during this ascent from the low, and today may well be a narrow range and almost inside day. It probably will be an inside day for xjo. if that is the case, then we can expect a wider ranging day tomorrow. That fits with the unemployment news due out tonight in usa. Given the overall situation with xjo/spi - that is, their rapid rise from the low and now the high level support it is obviously getting, its obvious that a breakout up is expected by majority of dollars in xjo/spi.

The inverse h&s pattern with the sloping neckline around 6200 on xjo has also been retested and held. This pattern of course has a target of 6900. The .62 fib retracement has been easily surpassed. The declining rsi trend line has been broken and now seems to act as support. Volatility is reducing. The weight of technical evidence is strongly bullish. Not my sentiment but thats the picture imho.

Friday last week closed at about 6278, so my guess is that the aim is to at least close over that. Good news for the weekly investors to read about and feel clever about over the weekend. Storm in a tea cup etc etc.

The contrarian view however has some support as well. spi volume, for example, has been generally higher on the down days than on the up days during this consolidation phase. However theres not a lot in the chart that is bearish atm, imho.