SPI 17th December 2008 recap

"US Fed cut, and in my opinion Tuesday's rally from the 5-day 50% level is the start of the reversal trend back towards the first Quarter 50% level in 2009 in US Markets.

SPI :- In this case trade on the side of 3604"

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SPI Weekly and 5-day pattern

Wednesday started well, with the UP move beginning from the 5-day 50% level and moving above 3604.

But once price dropped back below 3604, the UP move was open to risk, and the same pattern of rotation into lower channels played out again:- More consolidation.

Financials and CBA rights issue weighing down the market today.



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