SPI Daily 5th MAY 2011 recap

R84 range has completed the Spiral low @ 4689 in sycom

therefore I'm not sure that the trend will continue lower on Thursday...but in fact swing back up towards the breakout once again @ 4765

Early trend guide  4706, & if above 4706 it's moving back towards 4737-39

Random resistance 4737-39...
Support 4687 (thursday's lows)



SPI Weekly (24 hour) and Daily range

As noted in yesterday’s afternoon recap….


"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 @ 4684-89)"

That completed precisely overnight, therefore today was either going to try & swing back towards 4765,

Or remain flat under 4737.

Early rise from 4706 stalled at 4737-39 , but then moved above, which then saw more afternoon buying as part of a reversal pattern from Sycom lows....

as it tries to move back towards Yesterday’s breakout @ 4765

Currently the trend remains below Support, even with today’s higher close…and because of this, there’s an expectation that the trend is moving down towards the MAY lows, which is a mirror of 2010.

However, it will now depend on whether US markets continue lower on Thursday, or rise upwards (Thursday and Friday), providing a ‘fake break’ pattern in the Aussie market.



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