SPI Daily 30th September 2010 recap

The SPI continues to trade around resistance levels (4672-76)

Trend guide 4672

Random support 4658

Break of 4658 and trend bias is down into Thursday’s lows @ 4597-4602



SPI Weekly and daily range.

My overall view of the market was to hit resistance @ 4672-76 and then rotate back down.

For that to happen price had to break 4658, which I didn’t think would happen this week because of the position of the Wednesday ‘sell’ pattern.

I had a Wednesday ‘sell’ pattern but the expectation for the trend to continue down was for it to occur below 4658

Finally, the break of 4658 happened today, and the current price action helps somewhat to validate my preferred pattern, as per Weekly report .

Any further weakness will need to be helped by the S&P moving lower as well.



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