SPI Daily 30th June 2009 recap

"SPI Trading below the Weekly 50% level and the 3-day cycle @ 3904...

Whilst price is below this level, the short-term is still viewed as trading 'resistance'

However, whilst the SPI is above the spiral level @ 3887, expectation price is pushing up towards Tuesday’s highs @ 3924-27 (resistance)"

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SPI Weekly and 5-day pattern

Last day of the quarter and the bullish price action that I’ve been looking for in the 3rd Quarter is half way there with today’s move above the Weekly 50% level @ 3897

The other half is a 5-day high breakout, which hasn’t occurred:- close above 3927.

Instead rising up into Tuesday's highs and reversing down, but still able to close above the Weekly 50% level.

And with 5-day high breakout patterns in the US, it's hard to think that markets won't continue higher this week.

I’m bullish on the market in the 3rd quarter as long as price remains above the July 50% level, but at this stage depending on the price action in the US overnight, could remain range bound within a tight 2-day sideways pattern above the July 50% level until Friday.

3rd Quarter has closed, and the trend guide is now 3849 (July 50% level), with an expectation of a potential 'Thrust' pattern occuring in the new month







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