SPI Daily 11th February 2009 recap

"SPI opening around the 5-day lows, and unless the SPI opens below 3338 we should be focusing on trading longs.

Ideal long patterns would be to see a down move on open into 3338 and rise upwards.

If price is trading above 3364 then there is a view that the market is completing 44 points up and into 3410

Which can also be part of a rise back into the 5-day 50% level which also matches the Weekly 50% level @ 3429"

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SPI Weekly and 5-day pattern

SPI opened lower and moved back to the timeframe 50% levels @ 3429.

My ideal set-up was to trade longs around 3338, but once price was above 3364 the price action followed a move up into 3410, and then continued back towards 3429.

The trend guide for the rest of this week is going to be defined by the weekly 50% level @ 3429 long with the price action in the US markets.


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