SPI Daily 10th June 2011 recap

Whilst the S&P 500 is below the Weekly lows @ 1286, and looking at the levels in the daily range….

The market will likely continue lower, and breakout of the daily lows, as part of a trend towards the June lows @ 1259



S&P Weekly and Daily range

Friday opened below the Weekly lows @ 1286, therefore it was likely to be pushed downward...

there were two patterns at play....

#1) remain within the daily channel @ 1280 and close in the middle of the 5-day range...

#2) follow the overall Monthly cycle and continue down towards 1259, which will likely be reached next week.

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