The ASX 200 looks set to resume its uptrend this morning with SPI futures pointing to a gain of 17pts on the open

The ASX 200 looks set to resume its uptrend this morning with SPI futures pointing to a gain of 17pts on the open. Given its proximity, most investors will be watching the 5398 point level closely today, the 50% retracement of the September highs to the October lows. Should the index clear that level successfully, something that looks likely given the strong gains on Wall Street overnight, a test of the 200-day moving average at 5426 will be in play. (VIEW LINK)