SPI Daily 15th September 2009 recap

I'm still going to treat today as part of a 2-day stall pattern, from a higher Weekly open.

Resistance 4606

Trend guide 4560

Below 4560 and it is part of the 2-day stall pattern"



SPI Weekly and Spiral filter Primary Range

The first two days were viewed as a 'stalling pattern' from this week's higher Weekly open.

SPI opened above 4560 so there was an initial view that price could move up into resistance levels @ 4606 before reversing down.

However once price moved below 4560 the bias was to move down.

I would have liked more weakness on the 2nd day to fulfil some support levels before any potential UP trend towards the September highs plays out...

But that will now depend on the price action in the US after the S&P rose up from their own Weekly 50% level support levels.






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