SPI Daily 14th January 2010

"I can’t see the market rising higher than 4871 today, but it won’t surprise to see Thursday and Friday higher:- Basically there is a potential 2-day counter-trend move from tomorrow, and then a next leg down next week:- market is above the Weekly 50% levels" ...(Previous day’s report)

"If the price action in the SPI today follows my view of higher prices on Thursday, then the SPI should rise upwards from 4878 and continue towards 4909" ...(Today’s report)




SPI Weekly and 5-day pattern

First day of a 1-2 day counter-trend, remaining in a tight trading range between the levels in the 5-day pattern @ 4878 & 4909.

Price action is above the Weekly 50% levels, below the January highs, and currently in a 3-day sell cycle

As this stage this is viewed as a short-term up move and a 'stall pattern', with the potential of more weakness if certain patterns align in the US markets align over the next 2-days.


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