Index Futures, Forex Reports 9thMay 09

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

http://austindex.blogspot.com/


DOW and S&P Index Futures


http://usindexweekly.blogspot.com/

EUR/USD, AUD/USD. GBP/USD

http://www.forexspread.blogspot.com/


OIL Futures:- OIL BOIL

http://www.oilboil.blogspot.com/



Note: Weekly BHP, RIO, and Banking Report Update

http://aussie-stocks.blogspot.com/





SPI Daily 8th MAY 2009 recap

"SPI it has completed a 2 month wave pattern since the cross over of the March 50% level and reaching May's highs yesterday.

However, we still need to see price break and close below 3842 (5-day low)

Price is currently trading and being supported above April's highs @ 3845-50

Today is going to open on lower spiral points (lower Daily open) and above support, so it's hard to 'Short' trade lower opens .

Because price is trading above support and above the April highs, there is nothing stopping Friday moving into another consolidation of 40-44 points (UP)"



SPI Weekly and 5-day pattern

Choppy trading day today and the market remained in a tight 43 point range, rising up and hitting a spiral top.

Even though I'm looking for weakness around these MAY highs, until there is a break and close below 3842, then nothing is confirmed

Weekly Report out tomorrow



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  • DOW Futures 7th MAY 2009 recap

    "DOW still short @ 8525 of MAY highs

    As pointed out, a lot of markets are reaching their MAY highs at the same time...

    Wednesday breakout expectation of a push up into Thursday's highs

    I would look for a reversal down from these levels"


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    DOW Weekly and 5-day pattern

    Same pattern on all markets, reaching their MAY highs and reversing down from Thursday's tops back into support.

    Support still holds strong.

    I'm expecting a reversal back down from these highs, but it needs to break and close below support


    SPI Daily 7th MAY 2009 recap

    Resistance 3950

    Thursday's highs


    SPI Weekly and 5-day pattern

    SPI reaches the MAY highs @ 3950, mathced with a day session 5-day high @ 3950

    Expectation of a reversal down from these levels, but it needs weakness in US markets.

    US markets are reaching their MAY highs today

    The first sign that this is a top in the market is when the SPI breaks 3842 and closes below



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  • DOW Futures Daily 6th MAY 2009 recap

    US markets stalling around the Weekly highs, but there is still and expectation of prices moving up into MAY's highs.

    Normally I would look for a continuation down from the Weekly highs, but if prices aren't trading below the 5-day 50% levels and Support, then the bias is to continue higher.

    Trade on the side of support...


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    DOW 5-day pattern

    US markets continue higher on Wednesday, as prices continue UP towards the MAY highs following the 5-day pattern higher


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  • SPI Daily 6th MAY 2009 recap

    "SPI is hitting resistance and a Spiral top @ 3907.

    If the Range completes down then we have lower support zones:- 3844

    Lower channel lows match yesterday's view that price would come back down and retest the breakout from Monday"


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    SPI Weekly and Daily

    SPI Trading around the Monthly highs.

    Around these highs there is an expectation of resistance and a rotation back down towards 3740

    Today's price action of a reversal down on Wednesday and into support is part of a normal pattern that often occurs.

    Whenever there is a breakout of the 5-day high (Monday @ 3849), more often than not price will reverse back into the break, and validate the break and then continue with the Trend...

    in this case higher

    If the market is going to continue higher then 3844 is the level or higher open.


    But because price is already near the Monthly highs in MAY:- 2 -month wave pattern... (3967)


    You need to ask yourself.... how much more can the SPI continue higher in MAY.


    If this pattern was occurring in the first month and just above the Monthly 50% level, then you are going to have more bang for your buck buying this level.

    US markets are still short of their MAY highs.




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  • S&P (e-mini ) 5th MAY 09 recap


    "US markets trading around their Weekly highs with the expectation price is heading up into the MAY highs.

    Normally the Weekly highs would resist price and then make higher highs next week to complete the move.....

    However, with US markets closing above their 5-day highs on Monday, normally that would push prices higher once again :- random pattern"




    S&P Weekly and 5-day pattern

    Small range day on Tuesday with US markets trading around their Weekly highs, but not reversing down due to Monday's breakout of the range.



    SPI Daily 5th MAY 2009 recap

    Higher daily open and trading near MAY's highs @ 3967.

    Whenever there is a 5-day high breakout I always look for price to come back and retest the 5-day high breakout the following day.

    Therefore today is about price coming back down and retesting the break, which aligns with the 5-day 50% level.

    Even though the view is for price to move back down and retest the 5-day 50% level, the 5-day filter channels could support the market @ 3870.


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    SPI Weekly and 5-day pattern

    SPI opens higher and sells down into Random support @ 3870.

    I did expect more weakness today, but that could only be confirmed with a break of 3870.

    Looking at price action, it wouldn't surprise me to see a 5-day pattern that consolidates this week above the Weekly highs of 3868.

    However, a break below the channel lows and then the expectation changes to a move back down towards 3740

    DOW Futures 4th MAY 2009 recap

    "Expectation of higher prices in MAY, with a push up into the Weekly highs once again.

    Trade on the side of support

    At this stage I lean to a push up into the 5-day highs on Monday"


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    DOW Weekly and 5-day pattern


    US markets continue to push towards the MAY highs @ 8525

    Currently the Weekly highs could resist price this week and then see another move up towards the MAY highs....

    or it could just continue higher this week and finally hit some resistance using the Monthly ranges.



    SPI Daily 4th MAY 2009 recap

    "SPI trading above the Monthly balance points @ 3740, therefore the bias is to continue higher until support fails.

    early bias is to rise up into 3810...(above support)

    A closure above 3835 today and there can be another push towards 3875:- breakout"


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    SPI Weekly and 5-day pattern

    SPI kicked up higher this week, as it follows the Monthly timeframes higher.

    April resistance disappeared and has dynamically moved higher in MAY

    Even though I modelled higher prices in MAY, I didn't expect the move to occur in 1 single trading day.

    But I did expect price to move higher if price had closed above 3535, another 44 point range upwards.

    SPI back around the highs:- 3891 is the equivalent of 3778 in April.





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