SPI Daily 25th MAY 2009 recap

"SPI Trading below the Weekly 50% level @ 3800, with the expectation price is trying to move down into the Monthly 50% level before the market continues higher.

We have Spiral tops and 5-day 50% level resistance, with the expectation that price needs to move down

Today's trading is simply going to be based on Friday's leftover from the Spiral filter @ 3776-84"

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SPI Weekly and 5-day pattern

Today's set-up was about short trading down from a higher open @ 3776-84...

Instead price opened lower @ 3757 and then moved up into resistance before heading down into Monday's lows @ 3724.

At this stage there is an expectation of lower prices in MAY and the last week of this month, but that will depend on US markets once again on Monday, on how quickly we move down into support around the monthly 50% levels.



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