SPI Daily 17th March 2009 recap

"I would like to see the SPI move lower and retest the Weekly 50% level this week, and any potential higher moves would begin from a lower Daily.

3388 is the trend guide and the 5-day 50% level is resistance @ 3423.

And understand that there is a push towards the Weekly highs and probably the March 50% level 3498, so trading shorts above both those levels today is open to risk"

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SPI Weekly and 5-day pattern

The SPI is making a bee-line straight towards the March 50% level @ 3498.

My ideal pattern this week was to trade the long set-ups from around the Weekly 50% level @ 3324 towards the highs.

Once Tuesday started to trade above 3388 the pattern was to follow the 5-day range towards 3423.

That was an expected resistance zone on Tuesday, but there was a larger trend driving this reversal upwards.

Once 3423 couldn't hold, there was another breakout pattern of the 5-day range, which followed the larger trend upwards, as part of the Monthly reversal pattern from it's lows.



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