SPI Daily 5th February 2009 recap

"Expectation trend is continuing down towards the February lows.

trend guide on open is 3413

Depends on where the SPI opens today, if below 3413 there is a possibility that there could be a lower push down towards 3360, but then a late swing upwards on Thursday.

A push down into support @ 3360-64 (spiral filter), and any upside is going to be determined by 3394"

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SPI Weekly and 5-day pattern


SPI opened below 3413 and the expectation price was pushing down into support around 3360 (spiral filter 3364).

I was looking for buying support to come into the market, with a possibility of a late swing towards the 5-day 50% level @ 3431.

But I also knew that 3394 was going to play an important role today, simply because of the overall trend in the market, and that's to continue lower this month.


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