SPI Daily 9th January 2009 recap

"There is no probability pattern today, as price looks to be moving into a weekly 5-day sideways pattern, and hopefully closes above the Weekly 50% level.

Resistance 3733..

SPI remains trading above the Weekly 50% level, therefore it's important for any trend that Friday closes above this level @ 3681.

Today I would focus on simply trying to take 20 points on any trades"


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SPI Weekly and 5-day pattern

Friday closes around the middle of the 5-day range, as part of the Weekly sideways pattern.

Today was simply about taking small chunks out of the market of 20 points and bag them.

Friday closed above the Weekly 50% level, but that doesn't mean much, as next week starts all over again.

Weekly Report out tomorrow.