SPI Trading 11th August 2008 Recap

"After reading the Weekly report the expectation is that the SPI is heading towards the Weekly highs @ 5159.

It might take two days to get there, or it could take all week...

Ideally I would like to see a re-test of the Weekly 50% level and then a continuation upwards, but I don't think Monday will come all the way back down into 4947.

Today:- a higher open and I don't want to be trading longs, just yet.

There is a gap open and I would like to see this gap closed:- minimum 44 points."

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SPI Daily and 5-day pattern 16:00

Higher open on Monday, closing the gap from Friday, and then finding support and buyers appearing pushing the SPI higher into the close.

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