SPI Trading 17th October 2008 recap

"Opens below 4241 and price is moving down into random support @ 4133.


If the market opens below 4241 then I'm leaning to price pushing down (double R44 - 87 points).

Friday can certainly can continue lower if it's trading below 4133,

But at this stage I'm not factoring in price spending too much time below 4133"

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SPI Daily and 5-day pattern

Higher open and SPI moves down into 4133, but then just keeps going down...

Dragged down by resource stocks and SPI follows the 5-day pattern lower


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