SPI Daily 25th August 2009 recap

"Because price is still trading above those levels (4373-87) , the SPI can continue higher this week back into the Yearly 50% level @ 4455

Trend guide 4383

There seems a lot of support around 4373 today"

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SPI Weekly and 5-day pattern

Support around 4373, but it was extremely choppy around my spiral filter @ 4383 today.

It wasn''t until afternoon trading that the SPI finally completed the move up into 4410.

I'm bearish on the SPI even around these high and consolidating pattern, but a reversal down won't be confirmed until the S&P reaches the Yearly 50% level.

Basically for the SPI to move lower, the S&P has to lead with a break of support after reaching the Yearly 50% level @ 1038