SPI Daily 27th April 2011 recap

the possibility is that the first move is down 21 points back towards the pink filter @ 4919....

This level and the 11.20 close will decide whether the trend will continue down towards 4893-96 (random support)

SPI Weekly and Daily range

Early resistance at Wednesday’s highs @4950 has seen the market continue back down towards the Weekly 50% level @ 4893, and then closing last week’s ‘gap’ at 4877.

The SPI continues to consolidate within the Weekly levels during the last week of April, and the start of MAY (next week)

Therefore, this week is about whether the trend continues towards the monthly highs, and then towards the MAY highs next week...

Or, it remains below the Weekly levels, & there's another attempted reversal down towards the Weekly lows later this week.

With the S&P now trading above 1337, and being the last week of April, there is still
the chance that the SPI continues towards the Weekly highs @ 5009, and then a
push towards the highs in MAY. (next week)

But first it will need to move above 4960, and secondly the S&P to remain above 1337 and move up towards 1356+

Anything below the weekly lows at the start of MAY is once again is bearish.






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