SPI Futures 7th MAY 2012 Daily Recap

Support MAY 50% level & spiral filter @ 4307/10

21 point rise upwards, and 90 minute close above 4321, could attract more buying towards the Weekly 50% level @ 4347 (resistance).

SPI Weekly and Daily cycles

 Early push down into Support (MAY 50% level @ 4307), which resulted in a 21 point rise and a 90 minute close above 4321.

However, instead of continuing higher towards 4347, the market moved below 4421 and dropped

As per Weekly report, the trend bias is down into 2nd Quarterly random support zones @ 4352/54
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