SPI Recap:- 12:50SPI moving down into the 5-day 50% level @ 5755, as part of the 2-day stall and reversal...
Today's up move and spiral top on the R87 @ 5871, and then the R44 spiral top @ 5866 was an Ideal short trade (which I didn't take).
It was trading under 5871, and it was the 44 spiral-top on the range, with the expectation that today certainly had the potential of further weakness because of the rotation back into the 5-day 50% level.
In hindsight it was an ideal trade because of a number of parameters that aligned with Risk levels and the view of 2nd day rotation down. The only reason I didn't trade it was because of protecting my profits from this morning, but i could have dropped position size down to just 1 lot.
Rest of the trading day:- 5755 5-day 50% level is an important support zone, whether it bounces off this level today is another matter.
If US markets rotate down on Tuesday and bounce off 5-day 50% levels on Tuesday (Report later), then the SPI will open much higher...
I personally won't be trading support today, my Buy was based on trading the open upwards, and not buying support as the market comes down on a 2nd day stall reversal (increased Risk)
Next SPI Report tomorrow.... " Once again look for levels in the market and manage Risk using R44 spiral points (tops and bottoms)"
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