SPI 27th November 2008 recap

"Yesterday's trading was a 3rd day sell after a 2 day reversal back into the Weekly 50% level, and as pointed out yesterday, any higher moves in the SPI would picky-back off any rises in the US markets:- higher weekly close.

Trend guide:- 3692

Above and it's moving towards Thursday's highs.

Below 3692 and potential down move into 3580:- support"

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SPI Weekly and 5-day pattern

SPI is still struggling to move above the Weekly 50% level, and today opened below 3692 and moved all the way down into 3580.

As pointed out previously, any rises in the Australian market will have to picky-back off US markets rising higher, and that's because of the Financial index.


The Financial Index

The Financial Index has a November low breakout, which will struggle to rise higher during this month.

It's the same pattern as October.

Tomorrow is the last day of the month, and the resistance will disappear, so there is a potential of prices to rise slightly higher early next week.

But regardless of any rises, expectation that Financials will follow the same pattern as this month and continue down into December's lows.

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