SPI Daily 20th April 2011 recap

The Spiral filter and daily filters match @ 4813-15

Whilst above that level, the first target is 4841 (5-day 50% level)...

and then keep an eye on whether a late move will take it towards 4855-59




SPI Weekly and Daily range

The SPI didn't open low enough to get a robust long trade off support @ 4813-4815...

 it wasn't until after 11.20 once price started moving above 4841,  thus completing the gap closure @ 4855-59.

There was another pattern that could have played out using the previous daily lows @ 4834.

that being, a retest of 4834 and a intra-day close below 4813 would have been part of a move down towards Wednesday's lows @ 4770, that matched the Weekly level @ 4769 

Any further gains in the SPI, as it's above the Weekly 50% level, will be helped or hindered by the price action in the S&P 500 overnight




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