Tuesday’s highs match December 50% levels
Tuesday is part of the 2nd day up move:- 42 points up @ 4689"
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SPI Monthly and 5-day patternAs per Weekly report, last Friday’s price action and expectation that the SPI would begin this week with a bias of moving higher in the first 2-days.
Today was part of the 2nd day up move, but price is still trading around the December 50% levels and Tuesday’s high.
Eventually the market will have to move out of the current range and there is also an expectation that US markets still have 1 more UP day.
The 3-year 50% level @ 4617 (Yellow) has been supporting the SPI for a number of weeks now, and this dynamically jumps up in 2010 to around 4900
Looking at the market dynamic for 2010, I would look for a range bound market between those two yearly level in 2010. (Red and Yellow)
That means that if the SPI continues to consolidate for the rest of this month, then there is potential continuation upwards in the first quarter of 2010, however I’m still looking for the market to rotate back down into the lower Yearly level(red) in 2010, but it doesn't look like happening in December.
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