SPI Daily 27th January 2009 recap

"We have had 3 weeks of movement down in January, and often there is a possibility that the 4th moves in the opposite direction, as per Weekly report.

We have seen this with US markets and currencies, all moving back towards their Weekly 50% levels on Monday.


Therefore there is a possibility that the SPI is going to follow a similar pattern, and if this is the case a move back towards the 5-day 50% level @ 3405-8 could occur"

Premium Trader



SPI Weekly and 5-day pattern


SPI moves back towards 3405-8, as it rotates back towards the 50% levels.

Today's trading was simply trading on the side of 3367....

Below it was down into 3303.

Above 3367 and it became a robust support zone, and price moved up into the upper channels.


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