SPI Daily 11th MAY 2010 Recap

"This week's up move is based on price retesting the previous Weekly low breakout @ 4697 in the first 3-days.

Today:- If the SPI opens or is trading below 4650 the bias is to move down into support levels:- 4617, and then likely to continue upwards"




SPI Weekly and Daily range.

SPI was trading above the channel highs so the expectation was that price would come down into 4617, find support and then continue back towards @ 4697.

First part of the day played out, but support failed to hold in afternoon trading sending the SPI into a lower Daily close






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