SPI Daily 7th February 2011 recap

As per Weekly report, there is an expectation that the trend is following the Weekly range towards 4881, which matches the Quarterly highs @ 4883

However, if below 4852 the expectation the market is moving back down

4834 random support.


SPI Weekly and Daily range.

 There are two patterns at play, as per Weekly report….

#1 the market continues upwards (4881/83)

Or

#2 the market has completed the double monthly high in February @ 4849 and begins to rotate back down.

The latter won’t happen unless the S&P 500 reverses down from it’s own February highs.

Therefore 4834 and the Weekly level was seen as a random support zone, and not a higher probability BUY zone today.





Posted by