SPI Trading 11th June 2008 Recap

"Normally a break of the 5-day low will continue down in the next day, however this normally occurs from the 5-day lows in the previous day:- that basically means that a higher probability continuation down should continue down from 5485 the next day.

However, the SPI is opening much lower and not near the 5-day lows....

Therefore i'm treating today as an UP day, and for price to move back towards yesterday's break...

The pattern i'm looking for is a move down into the Spiral lows around 5399, and then use the Spiral filter on Wednesday to trade upwards..."

Morning Report

SPI Daily and 5-day pattern

SPI opened higher than expected and pushed down into a low of 5403 then reversing back up towards yesterday's break of the 5-day low @ 5485, as part of the expected UP day on Wednesday.

Spiral filter was 5406


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