SPI Daily 9th February 2011 recap


SPI completes the break and extend pattern from last week's highs into this week's highs, which also coincides with the Quarterly level @ 4883

Next Spiral filter will form 21 points up from open @ 4903.

Below 4876 and looking for a move towards the daily 50% level @ 4831


SPI Weekly and Daily range.

The SPI has completed the move into higher timeframe resistance levels, after the 21 point rise in early trading forming the next spiral filter.

And then Wednesday’s highs formed resistance @ 4888, pushing the market into a lower daily close...

however, it didn’t continue down into the daily 50% level @ 4831….

Therefore any further weakness will depend on the overnight price action in the S&P 500.

If it does continue down, then the trend guide for the rest of this week will depend on the Weekly level @ 4834.

Note:- above 4883/88 and the Primary cycle trend is continuing towards 5093, as per Weekly report.







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