SPI 12th December 2008 recap

"Consolidating Weekly pattern, and if we follow the price action over the past 3 weeks of UP and DOWN days, then the expectation is that Friday will close higher than the open.

But only if it's trading above 3522.

Lower Daily open can see a push down 22 points before price begins to rotate upwards once again

5-day 50% level resistance @ 3578 "

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SPI Monthly and 5-day pattern

Friday opened lower and moved up from 3522 back into the 5-day 50% level @ 3578.

This resulted in the Weekly timeframe (5-day pattern) rejection down and closing lower.

As we can see in the Monthly chart, and as pointed out in last Week's report, the 3-week highs are major resistance zones, and today's trading is simply a lower Weekly close after testing and failing at the 3-week highs on Monday.

Weekly report out tomorrow.


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