SPI Daily 16th September 2010 recap

Resistance:- 4693-96.

First Target is 4660.

Keep an eye on a close below 4660, as the next level down is 4628

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Higher daily open and a larger reversal pattern down into the 5-day 50% level @ 4628.

Today was a high probability reversal pattern, with an expectation of a large trending down day once price had closed below 4660.

As per Weekly Report 4672-76 is a critical level:- Quarterly midpoint and the September highs

The way I’m looking at the market is, further gains in the 4th Quarter towards 4895

However, I would like to see either a retest of the September 50% levels...

or a drop in the 4th Quarter midpoint for the next leg upwards.

Once again my view is either going to be helped or hindered by the price action in the S&P 500





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