SPI Daily 10th February 2011 recap

SPI is now trading between two higher timeframe levels, one is acting as resistance @ 4881/3 and the other is acting as support @ 4849

My view is that the market will try and move back down into support (4846/49)

 
SPI Weekly and 5-day pattern.

Based on resistance levels in the higher timeframes and also the brown filter @ 4886, the bias was to short trade and run stops above 4886…

Simply because there were no long set-ups on open unless the market came back down into the support level @ 4846/49.

Any further gains towards Thursday's highs will depend on whether the S&P 500 continues up towards 1331 overnight.







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