SPI Daily 27th March 2009 recap

"SPI looking to move towards 3800, but by the look of today's open it won't be Friday.

If the usual reversal pattern from these highs play out, then the UP move might not occur until next week.

Resistance:- 3718 with an expectation that the pullback would be a minimum 44 points"

Random support 3669.

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SPI Monthly and 5-day pattern

SPI reversed down from Friday's highs playing out precisely into 3669.

http://austindex.blogspot.com/

My view is for the Market to continue upwards into the March highs, but based on this price action on Friday, there could also be a 3-day pullback or sideways pattern before the next leg upwards.

I've updated the Weekly report (click link above) with my view of the the market in the 2nd Quarter.





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