SPI Daily 26th June 2009 recap

"I mentioned two days ago I was looking for a swing back towards the Weekly 50% level @ 3891, base on the break above the previous day's high along with the cross-over of the 5-day 50% level...

That happened yesterday.

We need to trade with the spiral filters and acknowledge that if price is trading above 3864, there is a potential UP move towards the Weekly 50% level @ 3891, and could go as high as Friday's highs @ 3909"

Premium Report




SPI Weekly and 5-day pattern

Today's higher open had an each way bet based on trading around 3764 (spiral filter).

It is natural to short trade a higher Daily open back down towards the 5-day 50% level @ 3826 and 44 points down...

However, when price move down 21 points and then HOOKed back above 3864, the expectation was already mapped out 2-days ago...

a swing back towards 3891 and the Weekly 50% level.


Posted by