SPI Daily 5th July 2010 recap

Today:- resistance @ 4244, with the expectation that the range is moving down.

Overall trend is to continue down, but there can be random support around the R42 low @ 4208

SPI Weekly and Daily range


There is a breakout of the Weekly lows @ 4278, therefore there is an expectation to continue down into this week’s lows, which is part of my overall view as the market heads towards the July lows.

Today was simply using the same levels on the way down, as we use the levels for short term countertrend moves on the way up within the 5-day range (42 points)

If the market moved down in early trading towards 4208 then the bias was to move upwards (42 points)

If the market moved upwards in early trading the bias was to continue down from 4244 and complete the range @ 4208…

And possibly follow the Monday range lower @ 4172, whilst the SPI remains below 4213





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