Index & Stock Rpts 24th April 2010 Weekly

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

http://austindex.blogspot.com/


DOW and S&P Index Futures

http://usindexweekly.blogspot.com/

US Dollar INDEX, AUD/USD, EUR/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



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    • Posted by

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

    S&P Weekly and Daily range….

    Support on Friday @ 1198.50 pushed the market into higher highs…

    This was helped by Thursday's support off the Weekly 50% level...

    And now the expected Double top formation has failed with Friday’s Price action.

    With the Daily close above 1211, it’s most likely that the S&P will follow the Weekly range upwards next week…..


    Posted by

    SPI Daily 23rd April 2010 recap

    SPI Monthly

    "I favour a continuation of the trend lower, as part of the monthly high reversal pattern.

    There is also a breakout of the Thursday low @ 4911, which should push down into Friday's lows: - minor break and extend pattern..

    42 points down matches Friday’s level @ 4875"




    SPI Weekly and Daily range…

    Weekly low support in sycom, but I still have the expectation that price is moving towards the April 50% level by the end of the month @ 4739

    However, I expected far more weakness in US markets this week, but they continue to hover around their own April highs without reversing down.

    If US markets follow a similar lower Friday close then the SPI will open lower on Monday.

    Lower Friday close is based on the double monthly high pattern





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    • Posted by

    S&P (e-mini ) 22nd April 2010 Daily recap

    "That was my concern regarding the 5-day pattern and Wednesday's failure to move down.

    It now looks like price is moving back towards the highs"



    S&P Weekly and Daily

    Wednesday’s failure to move down into the lows and Thursday’s open above the 50% level wasn’t part of a normal continuation pattern from a double top formation.

    This pattern in the 5-day range normally has a higher daily close, and on this occasion supported by the Weekly 50% level.

    The double top formation normally continues into a lower Friday close, and that’s still possible because Thursday hasn’t broken out of any highs.




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    • Posted by

    SPI Daily 22nd April 2010 recap

    Trend is down and I'm expecting it to continue down....

    Trend guide 4933, below and it’s pushing down 42 points towards 4891.




    SPI Weekly & Daily range

    Today:- Lower daily open and push down from 4933 & 42 points, and then price moved into a consolidating pattern around the lows

    I'm expecting the trend to continue down, as part of the double top patterns in US markets and a lower Friday close.

    This daily close below 4911 can often see a break and extend pattern:- next day lower open, which matches my view of US markets heading down

    However, my only concern was the price action on Wednesday in US markets, as the trend should have continued lower and should be trading below the 5-day 50% level on Thursday.

    Currently the shift in the 5-day pattern in US markets has price back above the Daily 50% level.



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    • Posted by

    S&P (e-mini ) 21st April 2010 Daily recap

    "Double top on the monthly highs, with the expectation that price is moving down, as the month comes to a close"



    S&P Weekly and Daily


    Expectation of a double top and reversal pattern is slowly taking place.

    However, I was a little disappointed that Price hadn’t made its way towards the Daily lows on Wednesday, as this is the usual pattern that occurs in double top and monthly reversal patterns….

    April 15th Report…..

    "The first sign is Thursday failing to move higher than the highs and Friday ends up back down into the Weekly 50% level.

    This will normally see Monday support @ the Weekly 50% level and a push back upwards forming a "double top."

    If that double top forms then next week’s view is a trending patterns towards 1133 (3-month 50% level)” ..... Premium Report

    From that report 7 days ago the market has acted precisely to this point, however the sell-off on Wednesday only took place once the cash market closed.

    I would be far more confident in the trend continuing down if Wednesday had moved into the daily lows.

    That might still happen during after hours, but it normally happens during cash market hours, and continues to trend downward into a lower friday close.






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    • Posted by

    SPI Daily 21st April 2010 recap

    SPI Weekly and Daily range


    SPI trading around previous resistance @ 4975, but above the Daily high @ 4962 resulting in tight trading day.

    Slight push upwards into previous level @ 4982, but most of the day the market remained below 4975.

    The Daily HOOK bar above the Weekly 50% level @ 4950 can often result in a trending pattern back towards the highs by Friday.

    However, as noted in the previous report below, I’m bearish on markets after Tuesday’s price action in US markets, but there is nothing to help validated that move unless Wednesday breaks the daily 50% level.

    If US markets have another UP day, then the SPI is following the HOOK pattern back towards the highs.





    Posted by

    S&P (e-mini ) 20th April 2010 Daily recap

    "Approaching double top after Tuesday’s trading :- expectant 2nd day counter-trend move towards the highs"




    S&P Weekly and Daily range.

    Monday’s low and expectant 2-day counter-trend move has completed with today's higher close:- DOUBLE TOP

    At this point I’m bearish once again, however there is nothing to validate that position until there is a break of the Weekly 50% levels.

    Wednesday’s 5-day 50% level is now something I’ll keep an eye.

    Whilst price remains above the Weekly 50% level then 2nd quarter highs
    @ 1230 is the target in MAY.




    Posted by

    SPI Daily 20th April 2010 recap

    "I'm bearish, but like all bearish patterns in the SPI, it's most likely going to continue down in sycom and not the day session.

    Our trading range is 4932-4972 using the 24 hour levels

    The closer price opens to 4958-60 most likely push down towards support (R21 points down)"


    SPI Weekly and daily range…

    Bearish on the market with the April highs and now below the Weekly 50% level, but I wasn't expecting a large trending day on Tuesday.

    Any continuation down is now based on price action in US markets, as per Weekly report.

    Once again another slow trading day until selling appeared after the cash market closed.






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    • Posted by

    S&P (e-mini ) 19th April 2010 Daily recap

    "I would normally factor in a 2-day counter-trend move back towards the highs.

    Support 1180-1183

    Movement 8.5 & 14 points"




    S&P Weekly and Daily range

    Early support saw a 8.5 point move back towards the daily 50% level.

    This resulted in resistance when the cash market opened and a restest of support...(1180-83)

    And then a late move upwards 14 points into the close, as part of a short-term counter-trend move using the Weekly 50% levels as support.






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    • Posted by

    SPI Daily 19th April 2010 recap

    I'm bearish:- Trend guide 4939

    Resistance 4978

    Support 4915



    SPI Weekly and Daily range

    SPI opened below the Weekly 50% level and below 4939…

    However, it couldn’t move down into Monday’s low @ 4915, instead remaining in a tight trading range until Cash market closed and then continued down into Monday's lows @ 4915




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