SPI Daily 12th October 2010 recap

Trend guide 4708

Looking at the daily range and the position of the spiral filter, I favour the market to continue down towards the support levels @ 4673-76


SPI Weekly and daily range.

Higher weekly open and 2nd day sell pattern from the Weekly level @ 4713 has resulted in the break of the 5-day lows & the Weekly 50% level @ 4650

Initial expectation was a move down into support @ 4673, but once that didn’t hold, the 2nd day reversal pattern began to take hold without providing an ideal intra-day set-up to get back into the trend.

Ideal set-up would have been 4643-50 providing a 21 point reversal into 4673 (support becomes resistance)  and then a 2nd ‘short trade' down into the close.




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