SPI Futures 25th July 2011 recap

S&P 500 has gaped down in early Futures trading. If below 4580 the trend bias is down into 4532 (support)


if below @4532 the trend bias is to retest Wednesday’s breakout @ 4500


SPI Weekly and Daily.

There was a breakout on Friday’s highs, and normally I would look at that pattern and have the view that the trend would continue up towards Monday’s highs @ 4614, and the Weekly level.

However, as mentioned in the US Weekly report, there is a stench hanging over the US markets, and US futures gaped down, which resulted in the SPI opening much lower.

4532 failed to hold, and the current price action is now retesting the previous breakout from last Wednesday @ 4500.

The rest of the week is based on how the S&P responds to it’s own Weekly 50% level













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