SPI Daily 4th MAY 2011 recap

Weekly lows @ 4763

Today's open is below the Support levels on the 3rd day, which is a bearish pattern, and is currently mirroring the same as in 2010.


SPI Weekly and Daily range…

We have a bearish pattern, with today breaking support (4759-63)...and moving down 42 points, & with the expectation that the minimum move is 84 points towards the channels lows (sycom)

If the market follows the same pattern as in 2010, then the trend bias is down towards the MAY lows, but it needs help with the S&P moving lower, as it remains above the Weekly level @ 1347 after the 2-day reversal.

We saw a similar pattern in the S&P 500 a couple of weeks ago, breaking support and a lower Daily close.

However, it ended up a fake break pattern, which then saw a rally towards the monthly highs in April.





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