SPI Daily 7th April 2010 recap

"The Weekly highs @ 4987:- resistance.

Support 4951"


SPI Weekly and Range…

Yesterday completed the move into 4975 in April, but there was a breakout in Tuesday’s range @ 4959 with an expected move upwards on Wednesday;- minor break & extend pattern.

Weekly highs formed a resistance level today, but failed to gain any selling towards support, instead remaining around 4975, and another tight trading day.


I've already mentioned I do have a view of higher prices in the 2nd quarter @ 5170, but not at these levels during this cycle

Any reversal down or slowly ‘unwinding pattern’ over the next 4-6 weeks needs to be helped by the S&P slowly unwinding down from 1185





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