SPI Daily 2nd MAY 2011 recap

Below the Weekly level (4828) and Monday is part of a move down to test the Double Weekly lows and the MAY 50% level.

Trend guide 4835



SPI Weekly and Daily range.

Early sell off on Monday has seen the trend move down into the lows, resulting in higher timeframe support coming into the market.


We should know by tomorrow or Wednesday how valid these support levels are in the larger Primary and Secondary cycles

If above 4828 by Wednesday it should help validate support....

Otherwise watch for a potential 2nd day 'break' (tomorrow) which was the same pattern as 2010.

The latter pattern will depend on how the S&P responds to the Weekly highs on Monday, as per Weekly report…

Or,

whether the news of Osama being killed pushes the S&P higher & towards the MAY highs @ 1383



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