SPI Daily 2nd June 2011 recap

We have a monthly 50% level rejection pattern that could see this week move down into the Weekly lows @ 4583

There is also a 5-day breakout; therefore I'm struggling to see any upside today.

Trend guide & resistance 4642-49.



SPI Weekly and Daily range.

As noted in yesterday’s recap... further weakness in the SPI from the June 50% level towards 4649 (Weekly level) was going to be influenced by the S&P reversing down on Wednesday.

With further weakness in the S&P overnight, this resulted in Thursday opening below key levels in the Weekly & daily range….

Resulting in a bias to move towards lower lows from 4642, but failing to reach the Weekly lows @ 4583






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