Index & Stock Rpts 27 March 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

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  • S&P (e-mini ) 26 March 2010 Daily recap

    "Support:- bias to rise upwards on Friday 4.25 to 8.5 points from the Daily 50% level towards 1172"

    S&P Weekly and Daily range…

    Consolidating day around support levels, with an early rise of 4.25 points but failure to complete the 8.5 range @ 1172.... (high 7.75 points from mid-point))

    I had three possible patterns based on the pre-market report after the completion of 1172, and Friday ended up #2... choppy trading day to close out the week in the middle of the range

    SPI Daily 26th March 2010 recap

    "March highs complete and reversal down from sycom highs on Friday @ 4950

    Whenever a Friday high reversal pattern occurs I immediately factor in a 2-day reversal pattern.

    Break of channel @ 4896, first target @ 4870, 2nd target at 4858"

    SPI monthly & daily highs

    Expectation today was a short-term target @ 4870, & with a downward bias of 42 points.

    Once price travels a distance of 42 points (@ 4858) from highs to lows often the market can reverse back towards the channels.

    The rotation back towards the highs wasn’t part of my view on Friday, but I acknowledge the larger cycles in the market and the probable patterns as described below….

    #1) 4917 resists price and drifts down towards the April 50% level over the next couple of weeks

    #2) the trend continues higher in April once the next month begins and the resistance disappears.

    Upside Target in the 2nd Quarter is 5100+

    If there’s going to be a 2nd down day in the SPI that means the S&P 500 needs to continue the reversal pattern (read report below)....

    And that’s not a probability pattern for Friday as price is currently above support.

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  • S&P (e-mini ) 25 March 2010 Daily recap

    Two patterns on Thursday:-

    1. rises up from support and into the highs
    2. hits Thursday’s highs and reverses back down into support.

    S&P Weekly and Daily range.

    Early rise into Resistance levels and rotation back down into support…

    S&P trading around higher timeframe resistance levels:- Weekly.

    SPI Daily 25th March 2010 recap

    "Reistance 4908-14

    Support 4880-83...

    focus was on trading a single R21 point range using support and resistance"

    SPI Weekly and Daily range

    As per daily report the focus was on trading a single R21 point range using support and resistance, and the SPI couldn't even manage that.

    Expectation that price would push down from 4908 into support levels failed...

    And price didn't move down into support levels to trade longs.

    S&P (e-mini ) 24 March 2010 Daily recap

    S&P Weekly and Daily range

    Same set-up on Wednesday as Tuesday based on 2 patterns…

    Two patterns that can occur on Wednesday...

    #1 Continues down into the 50% level @ 1162 (8.5 points down) and completes the move into the highs.

    #2 Market continues upwards on Wednesday and then reverses down from resistance levels into 1158

    First pattern occcured with a move downward, but a failure to push up into the highs, resulting in a flat trading day and market rotations of 4.25 points.

    SPI Daily 24th March 2010 recap

    "The SPI has completed the move into the March highs @ 4917-39.

    Early support 4914-18

    Trend guide 4932"

    SPI Weekly and Range pattern.

    Early support @ 4914 saw the market complete the range into 4932.

    Price remained trading around 4932 for most of the day until late selling after 3pm sent the SPI down into the 50% level @ 4906

    S&P (e-mini ) 23 March 2010 Daily recap

    "There are number of patterns that may occur during globex hours & early Tuesday.

    1. Continues down from Monday’s highs into the daily 50% level @ 1158 and then follows the trend towards Tuesday’s highs.

    2. pushes up early during globex hours and then reverses down from Tuesday’s highs, and continues towards Tuesday’s lows"

    S&P Weekly and Daily range

    S&P followed the latter pattern of moving down early, but not down far enough (lows 1159), and then a late rally into Tuesday’s highs.

    The late rally has Tuesday currently remaining above 1167.50, which would normally see further rises on Wednesday.

    A most likely hit the first Quarter Target highs @ 1177

    SPI Daily 23rd March 2010 recap

    Trend guide 4886

    Resistance 4906 & Support 4858

    4906 is seen as resistance levels on Tuesday, but we must acknowledge that the SPI is trying to reach the March highs @ 4917-39

    SPI Weekly and Daily range…

    There were two patterns today based on the R42 range and the daily range, as per morning report.

    #1. Move down from 4886 into 4858 and then continue up towards Tuesday's highs & 42 points

    #2. 4886 pushes the market up in early trading & into resistance levels @ 4906

    At the end of the day #2 ended up playing out.

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  • S&P (e-mini ) 22 March 2010 Daily

    "Expectation of a short-term pullback during an UP trend that is going to continue higher in 2010

    Resistance 1156.25"

    S&P Weekly and Daily range.

    Short-term pullback into the Weekly 50% levels didn’t play out and we have a similar pattern as last Monday.

    Looking for an early rise of 8.5 points from Yellow into 1156.25 , but I wasn’t expecting Monday to break and continue towards the highs.

    SPI Daily 22nd March 2010 recap

    "I'm starting this week with an expectation that there's a 2-day reversal towards the 3-day cycle lows and Weekly 50% level:- 4809-21

    Trend guide 4869

    Support 4843"

    SPI Weekly and Daily range.

    Lower open on support levels and a rotation into 4869, has seen Monday move into a consolidating day.

    Previous channel low @ 4786 last Monday pushed the market higher…

    And we have the same pattern today @ 4843.