SPI Daily 3rd June 2009 recap

"Above yesterday's resistance @ 3965, in theory there is another breakout of the 5-day range, and a breakout of the 5-day range should continue higher towards 4021.

I would like to see at least 3965 be tested this morning and then judge the market based on how price reacts to 3965.

Basically an open around 3988 is an intra-day resistance zone which hopefully pushes price down into 3965

If price is trading above 3988 then the bias is to continue higher towards 4021"

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SPI Weekly and 5-day pattern

SPI opened lower than expected but eventually played out precisely, as part of the JUNE move towards 4042.

The move into 3988 and then the push back down into 3965 to verify the breakout, and then once above 3988 there was only 1 way to go, and that was UP into Wednesday's highs @ 4021.




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