SPI Daily 26th MAY 2009 recap

"Higher Spiral point on Tuesday around 3763 can continue up towards the 5-day 50% level @ 3789...

It can also push down in early trading random length"

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SPI Weekly and 5-day pattern

5-day lows @ 3724 continued to support the market, resulting in a late move up towards 3763 and then a continuation back into the 5-day 50% level and another spiral top @ 3792

I was looking for early selling pressure around 3762, but the SPI didn't open high enough, instead pushing back down into the 5-day lows in early trading, and then a late rotation upwards.

The interesting pattern now is the Weekly 50% level 3800 and the 5-day 50% level:- does this result in a higher daily open tomorrow and a Sell down towards the Monthly 50% levels by the end of this week?

That will depend on US markets on Tuesday





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