SPI Trading 10th June 2008 RECAP

"Opens below the 5-day lows, then expectation price will remain outside that level and rotate around in 44 point waves for most of the day:- resistance 5485

Going long below 5485 around a 44 spiral low is a trade but position size should be lowered.

If opens above 5-day lows @ 5485, then expectation price is pushing back towards the previous 5-day lows @ 5528-31 (resistance)

Note: Keep in mind that price is opening outside the Spiral channel which often pushes prices down 21-23 points before any buying support comes in."

Morning Report





SPI 15:45 RECAP

Market did open above 5485 and pushed down 23 points, but failed to rise up from the 5-day support.

The rest of the day consolidated below the 5-day lows but remained in a tight consolidating pattern around the 44 Spiral low:-

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