SPI Trading 23rd April 2008 Recap

Morning Report 8:30am :- SPI rotated down into the 5-day 50% level and bounced, with any upside this week towards the Weekly highs @ 5699.

As I pointed out yesterday, I would rather go LONG on Wednesday than on Tuesday, because yesterday was part of a reversal pattern from a higher Weekly open.


Once again Yesterday's 44 point range needs to complete before the trading day begins, and because it's occurring from a higher spiral point the bias is to move down before it goes higher.

In conclusion:- the overall market looks to be going higher, but using intra-techniques I can't trade long on the open because I prefer to trade on the upside from lower spiral points"




SPI RECAP:- 11:20am

SPI moves down into an R44 low and move up towards the Weekly highs @ 5699