SPI Daily 7th July 2009 recap

"Trading range:- 3795-99 (resistance


3757 is the critical level today using the filters.

Above and it’s heading back into the resistance levels.

Below 3757, and it’s down into 3727"




SPI WEEKLY & 5-DAY PATTERN

Expectation the SPI is heading down towards July’s lows @ 3580, whilst price is below the 3rd Quarter and Weekly 50% levels.

Based on the Weekly dynamics, it will probably take another week for the market to move down that far, with a max move this week:- 3647 Weekly lows.

There is also a lower Weekly open (but no support), that could see the SPI back around the Weekly 50% level, depending on the price action in the US.

There is also an expectation that the SPI ‘needs’ to swing back and retest last week’s Thursday 5-day breakout @ 3815.

Around 3757 today was the spiral filter, and below that level was to focus on ‘shorts’ as part of a trend that is currently below the July 50% levels and heading down.

But the 5-day lows @ 3729 supported the SPI today












Posted by