SPI Trading 31st January 2008 part 7

14:20

What A wild day on the SPI, the early price action on the SPI was something I haven't seen in a long time....

It wasn't until things settled down around 5578 did things begin to play out...

With the support and then the failure around the original spiral point @ 5624 (this morning Report)

"A bearish pattern will be price trading below the 5-day 50% level, and taking out the 5578, as expectation price is moving down towards 5477 (R44 spiral top @ 5624)"

I didn't trade the longs off support, but watched how things were playing around the Spiral point @ 5624...

Traded 1 lots @ 5620 and 5615

Exitted @ 5591 and 5555....

The only conclusion I can see this afternoon is price following the market back down to 5477 as per morning report and failure after the sprial top and break of the 5578...