SPI Daily 7th October 2009 recap

US markets follow the move towards the 3-day cycle highs, and today is about whether the SPI follows the same pattern @ 4768 or remains range bound once again below the 5-day 50% level

Trend guide 4661 (5-day 50% level)

Support 4645

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SPI Weekly and 5-day pattern

Same pattern on the SPI as the S&P 500: - move above the 5-day 50% level and price is looking to swing back towards the 3-day cycle highs @ 4768 (maybe in sycom)

The move down into the 3-week lows didn’t play out the same as US markets, but the SPI will follow the price action of the S&P, instead risng up from the Weekly 50% level, along with the expectation of higher prices in the 4th Quarter.

A Daily close above 4678 and I would be looking for a 2-day reversal pattern back down, and the following weekly 50% level will be trailing support levels for next week





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