SPI Trading 3rd july 2008 Recap

"Today with a 'gap' open the first 21 point range needs to complete to minimise the risk of the first trade, and hopefully it aligns with a spiral indicator or the 5-day lows.

If 21 points pushes down it should hopefully align with the first support zone of the 5-day lows @ 4985....

There isn't much more I can say other than use the 5-day levels as shown, and that includes each 5-day range from the previous day..."

Morning Report

SPI Daily and 5-day pattern 16:05

SPI opens around the July lows, completing the double monthly downward move, but any reversal upwards will only be confirmed with prices trading above the Weekly 50% level.

Today pushed down 21 points on open and found early support, before a late push down into a 44 point low, and once back above the 5-day lows attracting short covering UP into the close.

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