SPI Daily 9th November 2010 recap

Currently the SPI is moving into a 2-day counter-trend move back towards 4752

There is a daily close below the November highs @ 4791, which is going to provide a trend guide on whether Tuesday continues down


SPI Weekly and daily range.

SPI has completed the move back into the previous Weekly breakout in
the first 2-days of the week @ 4752.

This is part of retesting the previous Weekly breakout in the
first 2-days, and once validated the market often
continues towards this week’s highs, as part of the trend continuing higher.

However, I have the same expectation in the S&P 500, as part of a
2-day reversal pattern back towards 1201.

If that happens overnight, the SPI will open lower on Wednesday, as the market hits the 2nd monthly highs in November and once again moves into another consolidating pattern.



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