SPI Daily 16th July 2009 recap

"There is a breakout in the 5-day highs on Wednesday, therefore there is an expectation of higher prices on Thursday....

However, that move towards those levels @ 4014+ might not occur in the day session, as was the case yesterday due to the levels in the day session stalling price"


Trend guide 3968



SPI Weekly and 5-day pattern

consolidating trading pattern above the higher timeframe 50% levels.

Consolidating trading pattern above Wedneday's highs, but no follow through into Thursday's highs.

If the SPI is going to continue towards Thursday's highs and towards the July highs @ 4067, then it is up to US market to remain supported and continue higher.

At this stage the S&P 500 is trading around upper resistance levels @ 928, (read previous report)





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