SPI Daily 3rd MAY 2011 recap

Trend guide 4804

If below it’s retesting the support levels

Higher timeframe support @ 4765-73.

Above 4804 and it’s moving up towards 4844, which is seen as resistance.

SPI Weekly and Daily range

Below 4804 on the open saw early weakness down into support levels…

As noted in the Daily report @ 12:57pm….

there is still a lot of support around these levels @ 4765-73 that could see a late move upwards (after 2:50pm) Target 4804, with a potential swing towards 4844

14:50 buying came in, helped by the breakout above the previous bar high @ 4780…

However, the initial move towards 4804 failed to reach, resulting in an 'inside day'

Note:- As pointed out in yesterday’s recap….

We should know by Wednesday how valid these support levels are in the larger Primary and Secondary cycles... above 4828-40 by Wednesday should help validate support....


Currently we have support holding in the SPI, without the 2nd day break of support

Once again today's support will depend on whether the S&P holds its own support levels on Tuesday (1347)







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