SPI Daily 16th June 2011 recap

Today's trading is based on whether the market continues down into the Weekly and monthly lows... @ 4660/62

or we have a similar pattern as Tuesday and the market rises upwards 42 points, and continues towards 4549.




SPI Weekly and Daily range

Market opened below Thursday’s lows @ 4516, tested it, and was rejected down into the June lows @ 4460/62, as part of the monthly cycle

As Per Weekly report, once both the SPI and S&P move down into the June
lows, I'm looking for a short-term counter trend move upwards.

Therefore Thursday needs to hold support and Friday close upwards.....


Note:- DOW is still 150 points away from it's JUNE lows, so it can drag it down lower (1-day).

However, any JUNE support is only seen as temporary, as I have the trend
moving towards lower lows in July

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