SPI Daily 20th January 2011 daily recap

We have reached a double Weekly top @ 4828, and a failure to continue higher after yesterdays' 5-day breakout @ 4810, due to the S&P reversing down to 1277.

Based on the current price action: - 4795/99 is seen as resistance with a trend bias to move down.



SPI Weekly and Daily range

SPI opened on resistance levels @ 4795/99 and continued to drift down into a lower daily close

There were a number of patterns that suggested the Thursday would move down after yesterday’s double Weekly high @ 4828

But it was the shift in the 5-day 50% level @ 4795 and brown filter that provided the ideal entry level



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