SPI Trading 23rd MAY 2008 Recap

Morning Report:-...."At this stage we have a 2-day stall under the 3-day lows, which can often have a 3rd day rejection and price extends down into the 5-day lows.

Because the SPI is coming down from a higher Spiral point on Thursday, then the expectation is price will come down into 5839.......

5865 is also the 5-day 50% level

A bear pattern :- 3-day sell off is....

A push down from 5865 down into 5838 and it just keeps on going down....

Therefore above or below 5865 is the overall trend guide on today...(5-day 50%)"


SPI Recap 16:12

Today's was simply about trading on the side of the 5-day 50% level:- below and it was pushing down....

As I mentioned yesterday:- Support, Rotate, Extend....

Wednesday and Thursday were Support-Rotate from the 5-day lows...

and today was extend, as prices thrust from the 50% level levels downward...