Index & Stock Rpts 10th April 2010 Weekly

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DOW (Futures) 9th April 2010 recap

"Lagging price action in the DOW can see a move towards the Weekly highs on Friday.

Thursday's close and Friday's open would normally continue higher from the blue channel @ 10879"


DOW Weekly and 5-day pattern


Friday continued up from support and towards the Weekly highs and should continue upwards early next week to complete a break and extend pattern from March highs into April’s highs





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    • Posted by

    SPI Daily 9th April 2010 recap

    I favour 4975 as acting as resistance in early trading

    If the SPI follows it's normal patterns, then it looks like another 'tight' trading day (10-20 points)

    Random support 4963



    SPI Weekly and Daily range

    SPI opened around resistance and pushed down, and once again remained in a tight trading range, which is what I expected


    Last day of the Week and a shift in the Weekly timeframe can see higher highs next week towards the April highs.

    However, depending on the price action in US markets, it won't take much for the SPI to be trading below the Weekly 50% level next week, as part of an unwinding pattern over the next 4-6 weeks.





    Posted by

    S&P (e-mini ) 8th April 2010 Daily recap

    Without the DOW hitting the Weekly highs, this week might end up a tight 5-day range (Weekly 50% levels Support)

    two possible patterns....

    1. continues down into Daily lows & swings back into a higher daily close


    2. moves upwards from yesterday’s lows (14 points )



    S&P Weekly and Daily

    S&P didn’t move into the daily lows for an ideal swing trade, instead price moved precisely 14 points upwards from the lows and stalled once again around the Weekly highs..

    With the DOW failing to hit the Weekly highs (10963) this week, there seem to be a lagging pattern that can see higher highs on Friday.





    Posted by

    SPI Daily 8th April 2010 recap

    Support 4948 (R42 points down from yesterday)

    Resistance 4976-80



    SPI Weekly and daily range


    Early support but no follow through on the upside into resistance levels.

    If price had risen into resistance levels then I would have looked for another 42 point range down

    Resistance in the SPI around these higher timeframe, but at this stage any reversal down can still be choppy.

    As mentioned, a reversal towards the monthly 50% levels could take 4-6 weeks of sideways patterns until MAY.

    Therefore it's ideal to concentrate on the small ranges of 10-21-42 points during the day.






    Posted by

    S&P (e-mini) 7th April 2010 Daily recap

    "Expectation that the Weekly highs can continue to resist the market from going higher.

    Whilst below Tuesday’s highs, there is the view that price can still try and push down into the daily 50% level @ 1179.50, which is precisely 8.5 points.

    If that occurs then there could be another move upwards"



    S&P Weekly and daily range…

    Weekly highs @ 1185 continue to resist the S&P from rising.

    Tuesday’s reversal pattern into support (8.5 points) provided another double 4.25 range upwards until it hit the Weekly highs once again and then drifted lower into the close.

    Even though I still have a view of higher highs in the 2nd quarter.... (1230)

    At this stage I continue to have the view that markets are slowly unwinding over the next 4-6 weeks towards the Montlhy 50% levels :- choppy with a downward bias.



    Posted by

    SPI Daily 7th April 2010 recap

    "The Weekly highs @ 4987:- resistance.

    Support 4951"


    SPI Weekly and Range…

    Yesterday completed the move into 4975 in April, but there was a breakout in Tuesday’s range @ 4959 with an expected move upwards on Wednesday;- minor break & extend pattern.

    Weekly highs formed a resistance level today, but failed to gain any selling towards support, instead remaining around 4975, and another tight trading day.


    I've already mentioned I do have a view of higher prices in the 2nd quarter @ 5170, but not at these levels during this cycle

    Any reversal down or slowly ‘unwinding pattern’ over the next 4-6 weeks needs to be helped by the S&P slowly unwinding down from 1185





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    • Posted by

    S&P (e-mini ) 6 April 2010 Daily recap

    The Weekly highs (green) are still viewed as resistance levels, even though there is a bias to continue higher in the 2nd Quarter.



    S&P Weekly and Daily range

    S&P continues to hug the highs without providing a intra-day reversal pattern of 8.5 points.

    That's still a possbility during Globex hours @ 1179.50


    DOW lagging in the same price action, which may see another higher high on Wednesday


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    • Posted by

    SPI Daily 6th April 2010 recap

    The breakout of the March high @ 4757 has completed with the April highs @ 4975:- break and extend pattern.

    Trend guide 4959 (Tuesday’s high)



    SPI Weekly and Daily range

    SPI opened higher and sold down from 4975 but failed to follow a lower daily close, as price remained above the Tuesday’s breakout @ 4759, and with the potential to move towards Wednesday’s highs tomorrow.

    I do have a view of higher prices in the 2nd Quarter towards 5170, but I personally wouldn’t want to be buying into the market when it’s already around the highs at the start of a new cycle, and also the completion of the break & extend pattern Today

    It’s the start of a new cycle so I want to use support levels during this 3-month period,and I would need to see the SPI rotate back towards the monthly 50% levels (3-week lows).

    It might take 4-6 weeks until price slowly unwinds towards support levels, but I’m patient when trading stocks.

    The only way a rotation is going to continue down in the short-term is if the S&P follows the same price action from 1185 and begins to slowly unwind towards 1164 and not continue to push up towards the April highs








    Posted by

    S&P (e-mini ) 5 April 2010 Daily recap

    I'm treating the Weekly highs as resistance, even though there is a possibility that the Trend can continue upwards early this month towards the April highs.



    S&P Weekly & daily range…

    Trend continues with an upward bias but trading around resistance levels early in the week:- Daily and Weekly highs.

    There's a breakout of the Monthly highs in March, which normally will try and continue upwards to the following monthly highs:- break & extend pattern.




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