SPI Trading 23rd September 2008 recap

"Above the 5-day high @ 4963 and expectation is that price was following SET-UP A from the Weekly report, but I wanted the SPI to come back and test 4963.

Today we are trading back below the 5-day high, and more than likely move down and test the 50% levels @ 4884 (random support)

Often a breakout of the 3-day cycle will move back into a 2-day stalling period before the trend continues from the 3rd day" (Thursday)

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SPI Daily and 5-day pattern

SPI opened around the 5-day high @ 4963 pushing price down on open 44 points.

But I was expecting more of a pullback into the 5-day 50% level @ 4884, based on a 2-day stalling pattern.

Once back above 4963 market bias was to continue higher, as it follows the price pattern of SET_UP A

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