SPI Daily 11th November 2009 recap

"If the SPI is going to follow the 3-day rally into the highs, then price is going to follow the 5-day range towards Wednesday's highs.

Today's trading should be defined by price trading above Tuesday's highs @ 4744 and completing the first R42 range upwards"

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SPI Weekly and 5-day pattern

SPI continued the 3-day pattern with today's open and first move range towards the spiral top @ 4775...

However, it was a bit disappointing that price didn't continue higher on Wednesday and follow the move towards the highs on Wednesday.

That completes the 3-day UP move this week, therefore any continuation upwards will have to be based on price action in the S&P 500, which already trading around resistance zones.



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