SPI Daily 9th February 2009 recap

"Higher Weekly open, Higher Daily open and higher Spiral points don't favour higher prices in early trading on Monday.

I would at least need to see a 44 point down move and bounce off the 5-day 50% level before any potential higher move.

Therefore any short trading should be focusing on the R44 completion and exit"

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SPI Weekly and 5-day pattern

SPI opened higher and sold down from the Weekly level completing the 44-point range and moving into a consolidation pattern.

And based on the morning report that's all I was looking for Today.

Any higher moves this week I feel will be on the back of US markets rising upwards on Monday.



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