SPI Daily 8th February 2011 recap

there is enough reason for the SPI to hit 4871 and reverse down:- completion of the break and extend pattern from Friday.

Next Spiral filter forms at 4849, which matches the February highs, and is the trend guide for today.

 

SPI Weekly and Daily range.

Early resistance around Tuesday’s highs @ 4871,  and a 21 point reversal down into 4849 forming the next spiral filter.

There were two patterns at play around 4849….

#1 if below it's moving down another 42 points from 4849. Also February highs

#2 if above it's trending up towards the highs @ 4893+


The market followed #2, and whether the SPI continues up towards 4893 during sycom will depend on the S&P 500 and it’s February highs @ 1316.






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