SPI 2nd January 2009 part 2

"New Primary and Secondary cycles begin, but I won't confirm those levels until the end of today's trading & Sycom. (Weekly timeframe)

Expectation that the market is heading back towards the January 50% level, and possibly towards the Quarterly 50% level.

However it still needs to breakout of the 3-week highs and close above them, as these 3-week highs have been major resistance and could still be major resistance"


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SPI Weekly and 5-day pattern

A bit disappointing today on the SPI, as the 3-week highs continue to cap the market from rising higher.

Once it couldn't remain above 3725, price was naturally rotating back down into the
5-day 50% level and consolidating once again.

There is a shift in the Weekly highs next week towards the January 50% levels.....

And we will see how US markets trade on Friday and whether sycom ends up closing above the 3-week highs.


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