SPI Daily 9th June 2011 recap

Today's trading is simply based on trading either side of the Daily and spiral filters @ 4540-42.

Below and expectation the market is moving down into the Daily and Weekly lows @ 4501/05.

Above and it’s a random pattern of 42 points.



SPI Weekly and Daily range.

My view is that the market is moving lower, and today was following the daily range towards the Daily and Weekly lows @ 4501-05.

At the start of the day I had the view that 4540/42 would form resistance and the market would move down into those levels and form support.

However, we had the same pattern as Tuesday, and the market moved up 42 points, but then stalled and consolidated for the rest of the day.

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