SPI Daily 15th January 2009 recap

"Yesterday's view of price moving up into the channel highs and reversing down 87 points played out, but sadly not in the day session.

This week's view is for price to continue down into the Weekly lows @ 3481.

Therefore there are 2-days to go in this Weekly timeframe, but that move down won't occur unless there is a breakout of the 5-day lows on Thursday @ 3560"

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SPI Weekly and 5-day pattern

SPI opened below 3560 and moved down into the Weekly lows (low 3582).

This pattern has played out my view for the week, now it's whether 3481 holds or not tomorrow, because there is still 1 day to go in this weekly timeframe.

Ideally I want to see Friday retest 3560 early on Friday :- resistance.

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