SPI Daily 12th August 2009 recap

August highs resistance with the expectation price is moving down....

today's trend guide is 4276.

I favour a move down and price to continue down in the 5-day lows, same pattern as US markets.

If the SPI is going to continue to play 'silly' games and hug the August highs, then the R42 low and Spiral filter could see a move upwards again.

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SPI Weekly and 5-day pattern

SPI continues to 'hug' the August highs and not continue down into the Weekly 50% level.



There was a robust pattern around 4276 to sell off, as it was below dynamic support levels but price continued up into 4313 once again and stalled.

I haven't changed my view that the SPI will move lower, and if it continue over the next 5 days like this and remain in a very tight 5-day pattern, then I'll look for next week to move down into the 50% levels.


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