SPI 17th November 2008 Daily recap

"SPI pushing down into Weekly and November's lows, but i'm also looking for a rotation back towards the Weekly 50% level later this week....

Higher probability if the SPI moves down early this week (Monday-Tuesday) into higher timeframe support levels (Weekly & Monthly)

Today:- trade on the side of 3700

Random support 3650"

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SPI Weekly and 5-day pattern

SPI following the higher timframe pattern of moving down into lower support zones.

Today ended up choppy around 3700, but 3650 played it's supporting role.

If US markets continue down on Monday, then the SPI should be trading around lower Support zones tomorrow.

Any reversal back towards the Weekly 50% level will be dependant on price trading above 3626.



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