SPI Daily 19th August 2009

"At this stage August highs supporting the market and price looks to be moving between the 5-day levels and filters: - range trading

Above the 5-day 50% level, price looks to be moving up towards 4429

Below the 5-day 50% level down into 4324."



SPI Weekly and 5-day pattern.

SPI range trading between the 5-day ranges….

But my view remains that price action is trying to move down over the next 6 weeks.

There is a 5-day sell pattern occurring in the S&P, which might have the SPI trading around 4255 by tomorrow