SPI Daily 1st October 2009 recap

"Expectation of higher prices in the 4th Quarter, however price remain in a continued sideways pattern over the next 2 days until next week when the resistance disappears and shifts higher in October.

Today:- support 4733 and resistance 4768.

Bearish below 4717"



SPI Monthly and 5-day pattern


SPI continues to remain consolidating between the September levels and there is 1-day left in the Weekly timeframe to shift the ranges and allow the resistance to move upwards allowing the trend to continue higher.

There is an expectation of higher prices in the 4th Quarter, but my preferred pattern is a lower move down towards the 3-week lows and then use those levels as support to trade the last leg upwards:- October/november

Today:- early support from the spiral filter @ 4733 towards the highs @ 4768

Late reversal down below 4717, suggests that the SPI will remain range bound this week.



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