Trader Premium Weekly reports 8th MAY

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

http://austindex.blogspot.com/


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http://usindexweekly.blogspot.com/

US Dollar INDEX, AUD/USD, EUR/USD, GBP/USD

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Posted by

S&P 500 7th MAY 2010 daily recap

"Friday' 50% level is the trend guide and based on Thursday's breakout would normally continue down into Friday' lows.

However, the Yellow levels could end up supporting Friday"



S&P Weekly and Daily Range

There is a breakout of the Weekly lows and I would have to favour a retest of next week's lows using the Weekly 50% level as resistance:- break and extend pattern down.

1097 ended up supporting Friday , and the Weekly 50% level is the trend guide (resistance) for next week.





Posted by

SPI Daily 7th May 2010

In early trading the key level is 4413.

If above 4413 it is looking for a swing back towards Friday's lows.



SPI Weekly and Daily range.

Friday opened around the MAY lows and provided a swing back towards Friday's daily lows, as part of a retest of the break.

At this stage whilst price is below the Weekly 50% level there is an expectation that the market can retest the Weekly lows next week.


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    • Posted by

    DOW S&P 6th MAY 2010 recap



    DOW S&P 500 Monthly

    900 point down move over 30 minutes into major support levels.

    Slightly suprised it would do that in 30 minutes, but not surprised in the move down into support levels...



    As mentioned a few weeks ago...(17th April)

    "The UP trend won't continue until the start of the next month after revisiting the MAY 50& levels


    # moves down into the MAY 50% level and then continues higher.


    # follows a double monthly low move into major support levels and the Quarterly 50% levels.(Yellow)

    Don't discount this, because the US markets will revisit the 3-month lows during the year and it hasn't as yet. "

    There was a breakout of the Weekly lows yesterday, which means a trending week into a lower Friday close (random length), and this has seen the market hit the monthly lows in MAY & Quarterly 50% levels


    That completes a major reversal down into support levels, and most likely double bottom in June.



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    • Posted by

    SPI Daily 6th MAY 2010 recap



    SPI Weekly and Daily range

    SPI continues with the break of the MAY 50% levels and Weekly lows, as price follows the daily range downward on Thursday.

    Whilst price remains below the MAY 50% levels, then the bias is to continue towards the MAY lows

    Posted by

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

    S&P Weekly and Daily pattern

    Tuesday's breakout and expectation of an extension down into Wednesday's lows, as part of a rotation towards the MAY 50% levels.



    Posted by

    SPI Daily 5 MAY 2010 recap

    “Support 4611 and I favour a minor swing back towards 4697-709.

    “Potential 14:20 pm buying into a higher close”



    SPI Weekly and Daily pattern.

    There was a breakout of the daily lows on Tuesday @ 4739 and a extension towards the Wednesday lows @ 4611.

    Based on this pattern I would always to favour a swing back to retest the breakout, and in today's case towards 4697-4709 and resistance.

    The SPI didn’t move down into support @ 4811 to provide a robust entry level, but as pointed out in the Premium report @ 13:55 ….

    “after 14:20 if the SPI begins to trade above 4662, there is a potential continuation upwards in afternoon trading towards 4697-709

    There is now a higher daily close, (1-day counter-trend) but still below the higher timeframe MAY 50% levels @ 4844 (bearish)




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    • Posted by

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

    S&P Monthly and Weekly


    S&P continues to remain trading within the Weekly ranges but with a downward bias towards the MAY 50% level @ 1151.

    This reversal pattern was what I thought would happen in the previous month, as any UP trend in the 2nd Quarter won’t normally continue higher until the market revisits the monthly 50% levels in MAY

    There are still 3-days to go until the end of the week and the critical level is 1151 as a trend guide…

    The S&P can remain within the Weekly ranges and zig-zag down towards 1151 over the next 3-weeks

    However, any continuation down this week will result in a breakout of the Weekly lows @ 1168-73, which is normally seen as a 'break and extend' pattern and a continuation lower

    If 1151 can’t hold support, then the next Major support is 1069-74

    Posted by

    SPI Daily 4th MAY 2010 recap

    "Higher timeframe support and with the view that we are in the process of a 3-day counter-trend move up towards the Weekly 50% level

    Trend guides 4815 (resistance)"



    SPI Weekly and 5-day pattern

    2nd counter-trend day failed to breakout of 4815, as miners dragged the market lower.

    Hit resistance @ 4815 in early trading, and then a break of 4788 sent the market back down 42 point lows and more consolidation around the higher timeframe monthly 50% levels & Tuesday's lows.

    Depending on the price action in US markets, there is a possible lower low pattern based on the Weekly breakout from the previous weekly lows @ 4844 down into this week’s lows @ 4697





    Posted by

    S&P (e-mini ) 3rd MAY 2010 Daily recap

    "Whilst above the Yellow filters on Monday there is a bias to rise upwards:- 8.5 points...."


    S&P Weekly and Daily range.

    Market opened below the Weekly 50% level, which is often seen as bearish…

    However, a lower Weekly open can often rise upwards using the Monday support pattern (Yellow) and continue 8.5 points as a minmium move.

    At this stage the market looks like more Weekly rotating patterns within the daily and Weekly ranges









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    • Posted by

    SPI Daily 3rd MAY 2010 recap

    "May 50% level support @ 4744

    Short-term confirming pattern would be price trading above 4772; - 42 points upwards"

    SPI Weekly and daily range


    Support:- May 50% level @ 4744 along with the single monthly lows at the same price.

    short-term confirming pattern was price trading above the Daily lows on Monday @ 4769-72 , and the expectation of a 42 point move towards 4802

    Medium term pattern is a 3-day counter-trend move upwards.


    As per my view:- April rotation from the highs and reversal into the MAY 50% levels and now the expectation of a 2-month wave pattern towards the highs @ 5154-70.

    Short-term:- 3-day counter-trend move upwards off these lows random length.

    Word of Warning….

    I like to verify my view with the same patterns in US markets, and that’s not the case as they aren’t near the same support levels.

    This could result in two patterns….

    3-week consolidation around these levels in MAY and then look for late month and early June set-ups in the Australian Market…

    Whilst US markets continue to slowly unwind over the next 3-week and align with the MAY 50% levels providing potential Early June set-up






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