SPI Daily 19th April 2011 recap

Today's resistance is 4830-4836

There’s a breakout of Tuesday’s lows @ 4834, with the expectation that the trend is moving down towards the lower Weekly level @ 4769.

SPI Weekly and Daily range


SPI following the weekly trend lower after last night’s reversal pattern in the S&P 500, and a break of its support.

I would have been surprised to see the SPI above the 5-day low breakout @ 4834, but if it did, it would have probably failed at the weekly 50% level @ 4855-59 (gap closure)

Once the market started trading below 4814, the trend bias was to follow a move towards lower lows….

How the S&P responds to Yesterday’s reversal pattern will dictate how low the SPI moves over the coming day, but first it needs to be trading below 4740 (read Weekly index report)

And the S&P remaining below 1300-1304


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