SPI Daily 17th November 2010 recap

Trend guide @ 4655.

Either the market swings back towards 4682

Or it will remain flat between 4631-36



SPI Weekly and Daily range.

SPI Remained flat with a push down into the spiral filter @ 4636 in early trading and then a rotation back into 4655, which then formed resistance.

At this stage the trend bias is to continue down ,as described below…
SPI Monthly and Weekly


SPI coming down into support levels once again @ 4571-82.

If the market is going to go higher then these levels need to be verified by this week's Friday close (or the next) and then continue higher in December.

this usually occurs in the last week of the current month and then pushes upwards in the first week of December from the monthly 50% levels into a higher weekly close.

What we also notice is that December has a higher step formation.

This can often end up a bearish pattern (please read current book regarding bearish patterns)






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