SPI 2nd December 2008 recap

"We are opening below 3584 on Tuesday, and at this stage the only thing supporting the market today is....

The 5-day lows @ 3511 and this afternoon's reserve bank meeting.

Simply trade on the side of the 5-day lows @ 3511....


A lower gap open and above the 5-day lows @ 3511, could see the SPI back towards 3584, and move higher towards 14:30 today (rate cut) & 3626"


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SPI Weekly and 5-day pattern

Overall trend is to continue down towards the Weekly and monthly lows in December, and as expected once price moved up into the rate announcement @ 3626.....

Price would probably reverse back down, as it follows the bear-trend, and a double Monthly low pattern in December...