SPI Daily 20th February 2009 recap

"Yesterday's expectation was that price would rotate back down into 3365, which didn't occur in the day session but will occur today.

Depends on where the market opens:- closer to 3411 and we short the market down to complete the move down into 3360.

Once the move down into 3360 completes there are two probabilities:-

SET-UP A continue towards 3390 :- R44 high

SET-UP B continue towards the 5-day lows @ 3322."

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SPI Weekly and 5-day pattern

SPI opened higher and began the move down towards 3360-65, which was my expectation from yesterday, so it made it a robust set-up for the morning trade.

I wasn't keen to go long around 3360 because of the view that the market is heading down towards 3128.

But with price remaining above the .618 Weekly lows 3351 @ 2.30pm then that change.

Range bars and Spiral trading

The rest of the day remained in a tight trading band between the Weekly lows @ 3351 and 3375.....

And this was taken into account with trading this afteroon in 22-point swing patterns using spiral points and timeframe levels.


Weekly report tomorrow.

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