SPI Trading 22nd February 2008 part 5

13:56

SPI consolidating below the 3-day lows and swinging in 44 point rotations above 5476 (support) coming into the last 100 mins of trading...

I can't see any potential trades this afternoon, and it's hard press to see any late buying coming into the market....maybe a R44 spiral top @ 5508 and then push down into the close......

The only high probability reversal trade is the R44 low @ 14:36 and that's not likely at this stage.....

Or....

A double 44 lower low:- same price action as Tuesday and Wednesday:- short-covering rally but not based on the 14:36 time

A breakout above today's highs late in the day will try and push back towards the 5-day 50% level @ 5549.... but I won't be trading any upside breaks....

At this stage it still looks like it wants to go down because of the consolidation below 5515...