SPI Daily 20th January 2009 recap

"Based on last week's price action and Monday's, I still favour a move down to complete a 87-point range.

Down trend continues from Yesterday’s 5-day 50% level, the breakout of the 5-day lows last Thursday…..with the overall view that the SPI is heading down towards the Weekly lows @ 3426"

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SPI Weekly and 5-day pattern

Weekly support and bounce confirmed with a HOOK back above the 5-day lows @ 3442.

We have now set up a potential move towards the Weekly 50% level.

But as I mentioned in the Weekly report, any UP swing is simply based on how BHP responds to its results tomorrow.

And obviously what occurs in the US markets on Tuesday.

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