SPI Trading 19th August 2008 recap

"US Down day lead by Financial stocks, and hopefully this is the start of the new down trend towards August/September lows.

Yesterday I was much more bullish on the Market because of the matching Spiral filter @ 4909

Today it's a gap open which favours a downside move:- Therefore the first 22 point should set-up whether 4915 holds or not.



SPI Daily....

Didn't have to wait for whether 4915 would hold or not, as price opened below and moved down into the 5-day lows..

Around the 5-day lows there was support for more than half the day, but once the r44 close below 4873, the expectation was a reject pattern down further into the close @ 4831...

Bearish pattern in the SPI to be breaking out of the 5-day lows, which favours my view of lower prices in August/September




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