SPI Trading 21st August 2008 recap

Morning Report:-

"Today's open aligns with a higher spiral point and the 5-day 50% level, which should reject down...(4930-35)...

If the SPI completes a full 44 point reversal it will be under the channels and there could be selling into the close:- Weekly rejection pattern
"

SPI Daily

Higher open on the SPI and sell pattern from the 50% levels.

Once the 44 point range completed and broke 4886, the bias was selling down into the close...