SPI Daily 6th January 2009 recap

I mentioned in the Weekly report that my expectation is that price would remain range bound between the Weekly 50% level and Weekly highs.

The important pattern is that price is still supported above it, and it has supported the market for the past few weeks.

If the SPI is going to continue higher then price should remain above the blue channel lows @ 3679 & Weekly 50%

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SPI Weekly & 5-day pattern

SPI opens higher comes down and test support and then moves up towards the upper channels and stalls.

It's now upto US markets to continue higher, but this price action on the SPI favours new highs this week, if US markets remain supported.



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