SPI Daily 13th November 2009 recap

SPI moving down into support levels, and in theory should find support around the 5-day 50% levels and rise 42 points upwards, and then continue up towards the November highs next week.

Support 7404

Trend guide 4733.

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SPI Weekly and 5-day pattern


Today’s price action was part of the 3-day rally into the higher Thursday open and 2-day reversal into support.

There was an expectation that there would be early support around the 5-day 50% level , but the critical level was 4733.

For the SPI to continue higher it needed to be trading above this level, instead 4733 capped price from rising most of the day and the SPI remained range bound between the key levels in the 5- day range:- 4704 & 4733.

Any continuation up, or the SPI opens much lower will depend on US price action on Friday.

Weekly report out tomorrow.




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