SPI Daily 20th July 2011 recap

The SPI has hit the July BUY zones in Sycom....these BUY zones need to be validated with 5-day high breakout  @ 4500

Target Weekly 50% level @ 4537+

SPI Monthly and daily cycles

As noted in yesterday's recap (& report)....

the July BUY zones needs to be validated by a 5-day high breakout.

That breakout was @ 4500., which in theory should extend up towards Thursday's highs.

The current price action is also above the Weekly levels @ 4464, and whilst above this level the market is rotating back towards the Weekly 50% level @ 4537 and heading higher

The overall reversal pattern from the July lows is towards 4721 to 4804 based on the July BUY zone and monthly cycle

for that to happen the market needs to be trading above the weekly 50% level @ 4537

otherwise it won't surprise me to see the Market move back down to close today's gap:-  over the next 2-days:- 4464







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