SPI Daily 7th July 2011 recap

Trend guide @ 4589

Support 4556

SPI Weekly and Daily range

I’ve been bullish all week, as part of a continuation towards the Weekly highs, but the levels in the Daily range haven’t supported the market rising upwards.

Today’s trading moved down on open but it didn’t move down far enough to trade longs from support at 4556.

And the first time this week that the market has spent above the Daily levels (4589), the trend failed to continue higher.

With the market failing to move higher, and price trading below the Weekly level @ 4592, it won’t surprise me to see the market slip back into the Weekly 50% level by tomorrow.

Unless it breaks out of the daily high range on Friday @ 4598




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