SPI Daily 22nd July 2010 recap

"Thursday looks to be consolidating within the Weekly levels, but the early direction is to determine whether the market goes down into support levels or rises up into resistance levels

Support 4325 Resistance 4399

Trend guide 4369"




SPI Weekly and Daily range.

Today saw the market move up 42 points in early trading before drifting lower into the close.

My view is that the market is heading lower based on the larger trends of the market, but it failed to reach resistance levels @ 4399.

However, once price dropped back below 4369 the trend bias was to drift down towards Thursday’s lows @ 4325




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