SPI Daily 18th September 2009 recap

"Because US markets stalled at their Thursday highs and our market closed below 4716 on Thursday, this now sets up a possible move back down into the 5-day 50% level @ 4657, which matches my original view from yesterday"

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SPI Weekly and 5-day pattern

Yesterday's price action saw the SPI move up into higher prices but closed below 4716

Because of this pattern the view was to move down towards 4676 once price started to trade below the Spiral support @4703

As pointed out in the daily report:- potential short squeze after 3pm towards 4704..

Once that completed the trend continued lower towards 4657.

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