SPI Daily 30 October 2009 recap

Based on the 5-day patterns, if the SPI doesn't open above 4668 then Friday can remain range bound and trading around these levels for most of the day.

Critical level today is 4668-70 (5-day 50%)

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SPI Weekly and 5-day pattern

Lower open and the expectation that price would rise upwards and complete the R42 range high @ 4670

However, once that was reached it became a random pattern on whether price would continue towards the Weekly 50% levels or remain flat and consolidate below the 5-day 50% levels on Friday.

The Australian market has closed above the 3-week lows and will begin November around the 50% levels (SET UP B).

Where it will open next week will now depend on the direction the S&P 500 takes on Friday (still below the Weekly 50% levels)







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