SPI Trading 25th September 2008 recap

"Because the SPI hasn't come down and re-tested the 5-day 50% level and or the Weekly 50% level, as part of a 2-day stall pattern, that still hangs over the market.

I still believe that the SPI needs to come down before it can continue higher...

A down move is normally helped by price pushing down from a 5-day high or previous 5-day high, but the 5-day high is much lower @ 4963.

Once again I'll probably spend more time trying to 'short' the market when certain spiral patterns match the filters:- 4963 support"

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SPI Daily and 5-day pattern

Daily bias to drift lower today into the 5-day high @ 4963...


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