SPI Daily 10th August 2009 recap

"We are starting the trading week with a higher Weekly open and below the August highs(resistance), with the expectation price is rotating down towards the Weekly 50% level...

The beginning of the down move will be when price is trading below the 5-day 50%

Resistance 4307 (Monday's highs)"

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SPI Weekly and 5-day pattern

All previous reversals in April, MAY, and June began from monthly high resistance, a higher weekly open and all reversed down from the 5-day highs.

Even the start of July started from a higher Weekly open and the 5-day high, pushing the first week downward before the price rally and 3rd Quarter UP move.


Today was no different


5-day highs on Monday 4307 and a range rotation down into the 5-day 50% level

Now that is is needed is US markets to follow the same patterns on Monday and reverse down from their August highs.



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