A flat night and early strength which is now (10.51 am) dwindling have given me the sniff of a reversal and I'm sticking to some intraday Spi trading since it's quiet and whippy on the stock front.
The 60 minute chart has the look of a completed 5 wave pattern about it.
I'm using the 10 minute chart for trading signals. I got short 3 at 4855 and bought 1 back at 4847 at a minimum target, 1 at 4841 as it bounced off yesterday's 4839 support and the last at 4845 as a trailing stop was triggered. It's $25 a point so profit was 8 points plus 14 plus 10 or 32 points for $800 less 9 dollars cost.
I've decided to use fairly tight stops most of the time in Spi trading as I don't want to be glued to the screen all day. My scenario for the day is that the Spi should go and test the recent low around 4815. Ideally this will hold around 4840 and rally for a while so that I'll have a chance to get short again.
4.32 No further joy with the Spi as it had a very flat 3 wave rally. I missed the chance to short at 4834 around 3pm but in the end it made a minor new low and tried to rally only to sell off in the last seconds. Here's the rest of the day.
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