SPI Daily 2nd March 2009 recap

"The past few weeks the SPI has consoldated around the Weekly lows, and at this stage we should expect the same.

Around 3267 is the Spiral low, and if it's going to follow the same patterns as previous Spiral lows, it should find support and swing upwards from 3267

Below 3267 is open to Risk to Trade longs, as bias is to continue down towards the Weekly lows.

Weekly lows @ 3219 random support with the possbility price remains range bound between 3219 and 3247 (Monday's lows)


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SPI Weekly and 5-day pattern

Weekly lows @ 3219 supported the market on Monday, and has played a vital role in supporting the market is each dynamic Weekly timeframe recently

As per report:- above 3267 and looking for a move towards 3317 (5-day 50%)

Below 3267 and market was under pressure due to the larger monthly trend pushing all markets lower, as per Weekly report.

Around 3219 and expectation price would remain range bound below the 5-day breakout.



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