SPI Daily 7th January 2010 recap

"The key level today is 4926.

And based on the spiral filter that's the pattern I favour and a test of the 5-day 50% levels"


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SPI Weekly and 5-day pattern.

Down day from 4926 and retest of the 5-day 50% levels, which was something I expected to happen this week, but not the break of the 5-day 50% level.

That’s the gap closure from last week and tomorrow is another day.

You know my view of the market, as per Weekly report, but the price action today is too early to tell if it's lasting other than short-term patterns within the weekly timeframe.