Index & Stock Reports 6 FEB 2010 Weekly

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

DOW and S&P Index Futures


OIL Futures:- OIL BOIL

Note: Weekly BHP, RIO, and Banking Report Update

  • Daily Trading Set-ups & Analysis
  • Index Futures SPI, DOW S&P, & Forex
  • Subscribe to the Trader Premium

  • S&P (e-mini ) 5 FEB 2010 Daily

    S&P Weekly and daily range

    Break and extend pattern from Thursday's reversal pattern and continuaton down into an extended Friday low with matching Weekly low @ 1041.

    Expectation that the trend is moving down to complete the moves into February's lows.

    However, my ideal pattern would be for price to move back towards 1083 and then continue down.

    SPI Daily 5th February 2010 recap

    “SPI opening below the Daily lows on Friday and expectation price is pushing down 42 points.

    Once the R42 range completes and rising up from 4463 I wouldn't be trading shorts for the rest of the day”

    Premium Report

    SPI Monthly and daily range

    SPI completed the 42 point move down on open which coincided with the Quarterly 50% levels @ 4463, and with a swing back towards the Friday lows @ 4492

    I do have an expectation that price will reach the February lows, however that might be during Sycom or not until next week, as it won’t surprise me to see US markets move upwards on Friday, sending the SPI back towards the blue channels in the daily range.

    A lot of that is going to depend on the price action in the S&P on Friday and early next week, as I already have my view of the potential price action.

    If Friday's an UP day I would look for a continuation of the down trend early next week.

    S&P (e-mini ) 4 FEB 2010 Daily recap

    "This UP move from Monday was only viewed as a 3-day UP move until Wednesday, and Wednesday has struggled to move higher

    If market moves down into the 5-day 50% levels, it doesn't favour moving back towards the highs because of the Yellow filter, the 3-day UP move and the Weekly 50% levels"

    S&P Weekly and Daily range

    Short-term counter-trend moves into Wednesday this week has seen the S&P continue with the overall trend down, which was my expectation, and will probably continue down within the Weekly range.

    The only sad part of this down move was that price never reached the 5-day highs these past 2-days for a robust entry:- higher high until Wednesday.

    • Daily Trading Set-ups & Analysis
  • Index Futures SPI, DOW S&P, & Forex
  • Subscribe to the Trader Premium

  • SPI Daily 4th February 2010 recap

    "With the failure to move beyond the higher timeframe 50% levels, I have the view that the SPI is trying to move down towards 4548 today.

    I feel that the next 2-days are simply going to remain in sideways pattern until next week, which means 21-42 point moves.

    The trend guide is going to be 4588.

    Random support 4564"

    SPI futures

    SPI moved down in early trading, with the expectation that price was completing a R42 range down towards 4548…

    Instead 4564 supported the market, and late buying pushed price back towards the highs:- & another sideways trading day of 21-42 point moves

    Buying 4564 wasn’t optimised to the patterns & trends in the current market.

    Currently the SPI remains in a sideways pattern below higher timeframe 50% levels, with the expectation price is heading down towards the February lows.

    However, that will depend on the price action in US markets on Thursday whether the SPI opens higher (above), as US markets are currently trading above support levels.

    S&P (e-mini ) 3 FEB 2010 Daily

    "As per last week's report there is an expectation that there is a possible higher Wednesday close.

    I also mentioned that because of the Weekly timeframe still trading within the January timeframe, this could see a 5-day pattern that consolidates and swings within the Daily range until Friday"

    S&P Weekly and daily range

    There were two possible patterns on Wednesday...

    A:- moves down on open and back into the daily 50% level and continues higher:- Higher Wednesday close

    B:- moves up in early trading and reverses back down into the Daily 50% level.

    Neither played out.

    At this stage this week looks like a consolidating 5-day pattern into Friday within the daily range.

    SPI Daily 3rd February 2010 recap

    "As per my view of the price action in US markets, I feel there is 1 more UP day, which will take our market into a higher high on Thursday.

    However, based on today’s levels I’m not sure whether price will rise higher than 4621-33

    Support as shown"

    SPI Weekly and Daily.

    Another tight trading day, as the market tries to rise up towards 4664 by Thursday.

    Price moved down into support levels and then climbed higher into the close completing the R42 range

    As per the S&P Report on the 29th…

    Potential 3-4 day rally from this Friday’ and into Next Thursday’s open…

    Based on the price action in the S&P 500 last week, there’s an expected 3-day UP move until Wednesday’s close, which will take the SPI back into the February 50% levels @ 4664 by Thursday.

    How far the S&P 500 moves on Wednesday will determine how high the SPI will rise this week. If the S&P fails to move beyond 1108-1110, then the SPI will find it hard to rise above the February 50% levels @ 4664.

    The key levels will be 4664 along with Thursday’s daily highs @ 4666.

    • Daily Trading Set-ups & Analysis
  • Index Futures SPI, DOW S&P, & Forex
  • Subscribe to the Trader Premium

  • S&P (e-mini ) 2 FEB 2010 Daily recap

    "It’s a simple case of trading on the side of the 50% level in the daily range.

    Normally I would view Tuesday as part of a 2nd UP day because of Friday’s support...."

    Premium Report

    S&P Weekly and Daily range

    Tuesday completes the 2nd UP day after Friday's support...

    As per last week's report, normally there's a 3rd UP day into a higher Wednesday close.

    • Daily Trading Set-ups & Analysis
  • Index Futures SPI, DOW S&P, & Forex
  • Subscribe to the Trader Premium

  • SPI Daily 2nd February 2010 part 2

    Based on the current price action in the S&P (close below 1087), I'm treating the SPI on Tuesday as range bound between 4575 & 4530.

    Premium Report

    SPI Weekly and Daily range.

    Range completion at the 50% level @ 4575:- resistance

    Depends on the price action in the S&P on Tuesday and whether 1087 acts as résistance pushing the S&P back down towards the daily lows....

    Or continues with a 2-3 day UP move as previously described.

    Any upside in the S&P and the SPI is moving towards back towards the February 50% level by Thursday’s open @ 4660.

    S&P (e-mini ) 1 FEB 2010 Daily

    "It's a simple case of using the Yellow level as a trend guide, along with the Monthly 50% levels.

    IF Monday moves upwards (above Monthly 50% levels @ 1087) and has a higher daily close near the Weekly 50% level @ 1094, then it might have another 2-days of UP moves"

    Premium Report

    S&P Weekly and Daily range

    Last Week in the Premium Report I mentioned:- (29th Jan 2010)

    “We are trading around support levels, and if certain price patterns occur in US markets on Friday (don’t break the Daily lows), an UP move has a random length that's either going to stall at the February 50% levels or close above them.

    There is a potential 3-4 day rally from this Friday into Next Thursday's open”

    S&P has had 1 day upwards and closed below the Monthly 50% level (1087).

    At this stage the expected 3-day rally would normally continue towards 1094 and not stall at the monthly 50% level.

    However, this is going to depend in overnight Futures action.

    If Monday fails to continue higher than 1087 when the cash market opens, then I would look for more 5-day pattern rotations until then end of the week (sideways), with a downward bias.

    If Monday futures continues up towards 1094, then it’s a different scenario.

    SPI Daily 1st February 2010 recap

    "Above 4505 on open and expectation price is heading back towards the 4554 (R42 points).

    The Range bar price action still remains in Friday's range, and will complete below the 5-day lows @ 4552

    I would normally look at this pattern as a 5-day breakout, which in theory should extend outward. That means a high around 4552-54 and then a reversal back down towards Monday's lows again"

    Premium Report

    SPI Weekly and Daily range

    Expectation the trend was heading lower, after the initial rise upwards today.

    This began from a precise spiral low @ 4507 and rise up towards 4552-54

    Today was classic break and extend pattern using the lows from Friday, along with the spiral top pattern.

    Once the price pattern was complete (R42 up) there was an expectation that price would continue down towards the Monday’s lows:- break on Friday, retest the break on Monday, and then extend downward on Monday.

    Unless US markets start the week with a 2-3 day UP move, (which is a possibility) the expectation remains that the SPI is continuing down towards the February lows (day session 4441).

    • Daily Trading Set-ups & Analysis
  • Index Futures SPI, DOW S&P, & Forex
  • Subscribe to the Trader Premium