SPI Daily 18th April 2011 recap

I'm treating the market as consolidating between the Weekly 50% level @ 4855, and the upper weekly level 4926 during the first 2-days this week.

Set-up # 1 :- moves down from 4883 towards support (4852-56).....

finds support, and then gradually rises upwards after 11.20 towards 4891 (42 points), and then 4905.

 

SPI Weekly and Daily range

Monday’s trading played out as per Pre market report, without the late rise towards 4905.

Current expectation remains that the SPI is moving up towards 4929 (2nd day), but only if the S&P remains stable overnight, without closing below 1299




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