SPI Daily 2nd November 2009 part 2

"Last week's view was bearish, as price was reversing down from the highs and back into the monthly 50% levels.

Support in the 5-day pattern @ 4511-19, and above support (42 points)

Price is following the lower weekly open and 2-day UP move into resistance levels"

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SPI Weekly and 5-day pattern.

At this stage there is nothing bearish in the SPI, as last week’s reversal down was a pattern into the monthly 50% levels.

And whilst price is above the monthly 50% levels then November can continue higher, once price is trading and closing above the Weekly 50% level (Friday).

Of course things can quickly change if there is weakness in US markets, but they are also above their monthly 50% levels, even though there is a lesser timeframe pattern that might see some weakness on Monday, but I’m not counting on it.



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