SPI Futures 31st MAY 2012 Daily Recap

it wouldn’t not surprise me to see some short-term buying around 4035, *84 points down from this week's high


with random resistance zones around 4075/79 & 4094


SPI Weekly and Daily cycles


Price didn't move down into 4035, but found support around the daily channels @ 4050 and then proceeded to move higher, along the way hitting short-term resistance levels intra-day @ 4075/79

Overall price action is to continue lower, as part of the move towards the June lows from the MAY lows:- Break and extend pattern

but with the possibility that price makes it way towards the June 50% level beforehand.

Posted by