SPI Daily 5th February 2010 recap

“SPI opening below the Daily lows on Friday and expectation price is pushing down 42 points.

Once the R42 range completes and rising up from 4463 I wouldn't be trading shorts for the rest of the day”

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SPI Monthly and daily range

SPI completed the 42 point move down on open which coincided with the Quarterly 50% levels @ 4463, and with a swing back towards the Friday lows @ 4492

I do have an expectation that price will reach the February lows, however that might be during Sycom or not until next week, as it won’t surprise me to see US markets move upwards on Friday, sending the SPI back towards the blue channels in the daily range.

A lot of that is going to depend on the price action in the S&P on Friday and early next week, as I already have my view of the potential price action.

If Friday's an UP day I would look for a continuation of the down trend early next week.






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