SPI Daily 8th February 2010 recap

After last Week's price action I would look for a swing back towards the Weekly 50% levels this week, whilst the SPI is above 4463

The price action on Friday’s lows suggests a continuation of the swing from the Friday's lows with a 2-day rally towards the Weekly 50% level

There are a number of resistance levels around 4508-16 on Monday, so it makes it hard to see Monday moving higher during the day.

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SPI Weekly and Daily range

Early rise upwards from 4663 and into resistance levels on Monday, reversing back down

Even though I have a view of the market rising upwards, based on the levels in the daily ranges there was a good chance that Monday would stall.

Any further upside will probably come from US markets having a slight rise on Monday and the Aussie market continuing higher on Tuesday.

Note:- I still have a view of lower lows in February based on the price action in US markets, which could provide a double bottom on the SPI (FEB lows & 4318)

I’ll have a fair idea on whether that’s going to happen this week by how far Monday moves upwards.




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