SPI Daily 10th MAY 2011 recap

Based on the current price action of being below support levels, I have the view that this week is trying to move lower

by looking that the 5-day range and the spiral filter...it doesn't support my view, as yet. For that to happen it needs to be trading below 4749-55

The trend bias is to move down towards the R84 low @ 4713



SPI Weekly and Daily range….

Early rise upwards from 4755, but once again it failed to move beyond 4786, reversing and closing below 4749-55.

This help set-up a confirming pattern for more weakness towards a lower daily close:- target 4713 (daily low 4714)

The current price action is part of an orderly pattern towards this week’s lows @ 4659-72.










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