SPI Daily 5th July 2011 recap

Weekly support @ 4592, and I have the view that Tuesday will try and push up towards the Daily highs

Trend guide 4617

If below 4607 the market will try and make its way back towards 4558/69

SPI Weekly and Daily range.

  I was bullish that the Market would continue towards the Daily highs after Monday tested the Weekly level @ 4592 and found support.

As long as price remained above 4617, my view was that price would make its way towards Tuesday's highs.

Once the market failed to remain above that, and began to trade below yesterday’s level @ 4607, the trend bias was to follow the daily patterns towards lower support levels @ 4558/69 (4569 24 hour level not shown)

After a higher Weekly open and a 2-day stall pattern, there is always the possibility from the 3rd day the trend can continue higher as part of a move back towards the July 50% level.

However, as noted in the Weekly report, there is also the possibility that the trend revisits the lower July level if it fails to remain above 4592, and that will depend on the S&P 500 failing to move towards its own Weekly highs.




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