SPI Daily 19th November 2009 recap

"At this stage we have a 5-day choppy pattern with a bias to drift back down into the Weekly 50% level and 5-day lows by Friday.

Either price is going to push up on open from support and move into 4789 (resistance), or it’s going to drift downward"

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SPI Weekly and 5-day pattern


My model suggested price would remain in a tight sideways pattern this week, but Thursday’s trading was extremely slow.and very choppy

4766 was seen as support, with an upward bias towards 4789.

Once price moved below 4761 the expectation was to drift back down towards 4732.

Instead it was choppy either side of support and going nowhere.

Depends on where the SPI opens tomorrow, but I have the view that price will drift down towards the Weekly 50% levels by Friday.


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