SPI Daily 16th March 2009 recap

"If the SPI opens higher then around the 3372 we have spiral tops.

Normally price would move back and retest the Friday breakout before price continues higher, as was the case on Wednesday.

We never had a 44 point down move on Friday, so we need to keep in mind that this pattern is the most robust.

Therefore if price opens higher we are expecting a 44 point reversal in the market"





SPI Weekly and 5-day pattern

Slow trading day but eventually the 44 point reversal played out, and buyers appeared around the Spiral lows sending the market back upwards.