SPI Trading 1st August 2008 Recap

Morning Report.....

"SPI is opening below the August balance point, and at this stage I'm leaning to SET-UP B playing out.

The critical level today is simply going to be 4933-4....if it moves down the expectation it's moving towards the red channel lows @ 4859.

Look for short-covering after 14:50 (44 points) from support"




SPI Daily and 5-day pattern

SPI played the 5-day pattern precisely on the way down into support.

Around support was choppy for about 1 hour, but after price settled, the short-covering came into the market.

Weekly Report Tomorrow.