SPI Daily 4th MAY 2010 recap

"Higher timeframe support and with the view that we are in the process of a 3-day counter-trend move up towards the Weekly 50% level

Trend guides 4815 (resistance)"



SPI Weekly and 5-day pattern

2nd counter-trend day failed to breakout of 4815, as miners dragged the market lower.

Hit resistance @ 4815 in early trading, and then a break of 4788 sent the market back down 42 point lows and more consolidation around the higher timeframe monthly 50% levels & Tuesday's lows.

Depending on the price action in US markets, there is a possible lower low pattern based on the Weekly breakout from the previous weekly lows @ 4844 down into this week’s lows @ 4697





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