SPI Daily 6th October 2009 recap

"At this stage my view is that Tuesday can continue to remain in a sideways pattern.


4654-56 is the September highs last week, and in theory should become a resistance level, however the weekly 50% level @ 4589 could end up supporting the SPI

Tuesday's levels resistance @ 4645- 54"



SPI Weekly and 5-day pattern

Early rise up into resistance and a push back down into the Weekly 50% level @ 4589.

I have a view that the trend will continue higher in the 4th Quarter, but I would still like to see the market come down into the 3-week lows.

However, that will depend on the price action in the US because those markets have already hit their 3-week lows.





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