SPI Daily 1st September 2009 recap

At this stage there is a view of higher prices in September, however prices can pullback towards the lesser timeframe 50% levels @ 4363-93.

The 5-day pattern support is @ 4467

Whilst below this, the expectation is towards the 5-day lows @ 4400

If the the Yearly 50% level @ 4455 is going to continue to support then the bias is to move back up towards tuesday's highs

Trend guide 4467

SPI Weekly and 5-day pattern

SPI continues to find support above 4455 and the Yearly 50% level, but still trading within the 5-day pattern.

There was a little teasing with price below 4467 in early trading, but once above 4467 the bias was to continue towards Tuesday's highs @ 4527.

I have a view of higher prices in September, but at this stage it's trading the 5-day patterns above the Yearly 50% level @ 4455

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