SPI Daily 19th October 2009 recap

The first part on Monday's trading is trading the range completion of the 42 points so that price moves into Monday's 5-day pattern.

Below 4833-37 and the expectation is that price has to move down into 4817, as the first target...

and then it's going to struggle to rise upwards on Monday, and should be viewed as part of the rotation back down into the Weekly 50% level (another R42 range down @ 4776)

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SPI Weekly and 5-day pattern

Today’s down move was set-up from last Thursday’s tops in the market, with the expectation that price is moving back down into the Weekly 50% levels.

At this stage I’m treating the SPI as range bound between the Weekly 50% level and the Weekly highs, but this will need to be verified after the S&P moves follows a similar pattern

At this stage I’m interested only trading the short-term patterns in the 5-day range until November.


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