SPI Futures 16th MAY 2012 Daily recap

The SPI is now under 2nd Quarter support @ 4252/54

With a trend bias down into the MAY lows @ 4164 (2nd Quarterly 50% level)

Trend bias is down into 4199/4207 first 90 minutes

SPI Weekly and Daily cycles

Break of monthly support @ 4254 and confirmed with a breakout of Wednesday's lows...

down into the Weekly lows, but then a continuation down  into the MAY lows and 2nd Quarterly 50% level @ 4164

Things now get interesting, depending on the price action in US markets overnight