SPI Daily 1st June 2010 recap

"The key is whether the Weekly 50% levels are going to push the market back down and follow the June lows.

Below 4417 and the bias is to move back towards the 5-day 50% levels @ 4386"



SPI Weekly and Daily range

Higher timeframe resistance levels based on the Weekly 50% levels, along with price remaining below the MAY lows @ 4457.

However today was an each way bet in early trading.

Either swing up from 4417 or continue down precisely 42 points in support levels @ 4386.

Once the R42 low aligned with the 5-day 50% level 4836 it provided a robust support level, however it was going to struggle to rise beyond 4417 closing the day in between.

After hours trading (8Ppm) has seen the SPI continue down as the S&P 500 continues down during globex hours.




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