SPI Trading 10 January 2008 part 8

14:40


Market supported around January lows @ 6054…

moved trailing stop @ 6080… (3 ticks above 22 point upswing just in case it reverses down from 6077 (22 point swing top)

After the failure of the R11 trio, I thought it was primed to move down towards the 5-day lows @ 5973, which goes close to matching the January .618 lows @ 5962…

The R11 reversal pushed the market down , but it now looks like the January lows @ 6054 is playing a support role today…..

No more trades today if stopped out… let the market run its course. (last SPI post)