SPI Daily 16th February 2010 recap

"The position of the channel suggests that Tuesday looks like it's going to breakout of the consolidating pattern

Above 4540 and Tuesday's pattern is to follow the channel highs @ 4571

However, I still have Tuesday as part of the 2nd day reversal"

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SPI Weekly and Daily Range


Same pattern as last Friday, with the push upwards into the daily highs on Tuesday @ 4571 and a 42 point reversal back down.

The market is trading above the higher timeframe support levels and the 3-day BUY cycle.

And as mentioned yesterday…

Because of Friday's price action I always look for the first 2-days of the new week to either continue down from resistance or consolidate.

Because there's no resistance I'm treating Monday-Tuesday as consolidating trading days using the levels in the daily range"

Tuesday completes the 2nd day stall & consolidating pattern.

Any further gains this week are going to be dictated by US markets and trading on the side of 4553.






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