SPI Daily 19th MAY 2011 recap

SPI moving towards the Weekly level @ 4738.... and could continue towards the MAY 50% level @ 4774, & then the Weekly 50% level @ 4805 by Friday.

However, for that to happen it will need to breakout of Thursday's highs and be trading above 4738.



SPI Weekly and 5-day range

Breakout pattern on Thursday (4731) should continue with a break and extend pattern towards Friday's highs.

First target reached :- MAY 50% level

Any further gains in the SPI will be influenced by price action in the S&P overnight..

If Friday opens below 4738 after testing the MAY 50% level, then Friday could move towards the lows once again....

but it's more likely to close around the middle of the 5-day range on Friday







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