SPI Daily 1st MAY 2009 recap

"April highs resistance has disappeared and the the trend guide for this month is going to be defined by price trading either side of the Monthly balance point @ 3740

It's not opening below 3740 therefore we could expect higher prices on Friday.

Trend guide is 3773

Support 3746"



SPI Weekly and 5-day pattern

Extremely tight trading day between 3746 and 3773 today, with the focus on 21 point swings intra-day.

I'm still looking for the SPI to move back down into the MAY 50% levels, but not whilst price is above 3740 in MAY.

Looking at the US markets, and move upwards towards the 5-day highs in sysom is not out of the Question, which would provide a 'double top' pattern in the SPI.


Posted by