Overnight has seen an easing in China & strong confidence data in the US send the market higher however Beenanke failed to join the party – indicating further easing in policy was "available only if required". This saw equities fall away from their highs as the session rolled on as gains were trimmed our market managing to hold above 30 having traded into the mid 50's at one stage where resistance stands in my view. The markets response to the easing in China will dictate our session today however as mentioned yesterday & witnessed overnight resistance located in the mid to high 50's should cap gains particularly as we head into a long weekend locally. Therefore I would look to fade any strength with stops above on a DAILY closing basis.
CASH CLOSE 4108.5 FAIR VALUE +4.51
EMINI 1316.50, DOW +46, GOLD - $ 46
SYCOM CLOSE: 4132 HIGH: 4155 LOW: 4104
RESISTANCE 4141, 4156/59**, 4172, 4186, 4198
SUPPORT 4118, 4101/05*, 4091/95, 4077, 4072, 4053/57*