SPI Daily 30th January 2009 recap

"SPI is simply going to be defined by the 5-day 50% level:- 3429-34

Below and it’s part of the Weekly trend downwards ;- 3887 & 3335


Above 3429-34 part of the Higher Friday close:- towards 3503 after 3pm..."

Premium Trader





SPI Weekly and 5-day pattern

SPI opened lower on Support and continued higher into 3503, as part of the higher Weekly close.

There is now an expectation that markets can unwind and continue down towards the February lows.

Even though the SPI isn't near the February 50% level, which would provide the most robust reversal down, the Weekly 50% level can easily do the same thing early next week.

That will also depend on US markets on Friday, and the direction they take.

Do US markets follow the same pattern and close higher on Friday, as part of the higher weekly close....

or do they break support and continue down on Friday....

Weekly Report tomorrow



Posted by