SPI Trading 7th January 2008 part 6

15:38

Exitted last contract @ 6171 R44 lows ...


I have the SPI Weekly chart above:- it is the first time since MAY 2003 that price has been trading below the Yearly BP.

With the Monthly lows in January pointing to lower prices and support, it will depend on how US markets react early this week.

Whilst price is below 6246, then expectation market is moving down, and following the monthly dynamics lower. Above it and price is rotating back towards January 50% levels. (Weekly Report)

However there are the R87 'gaps' still to be filled on the UPside, and this might have something to do with US markets rotating upwards overnight.

Again the major trends will simply be defined by the Yearly balance points in all markets.....