Index Weekly Reports 22nd MAY 2010

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

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    • Posted by

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

    "Thursday breakout and expectation that price is heading down into the daily lows on Friday.

    If and when those Weekly lows and Friday lows occur I'm expecting a larger swing pattern back towards the June 50% levels"




    S&P Weekly and Daily range

    Text book patterns on this downtrend and into Friday's lows to complete the
    break and extend pattern in the Weekly timeframe

    Precise bottom and swing back towards the Daily 50% level.

    And as per expectation, my view is that price will try and swing back towards the monthly 50% levels in June.

    Current support levels are valid in MAY but will drop lower in June



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    • Posted by

    SPI Daily 21st MAY 2010 recap

    "SPI is now trading around the 5-day lows on Friday @ 4205:-

    Any support on friday (4205) and up the swing is towards 4260-4297"




    SPI Weekly and Daily


    Friday support and a swing back to retest the break of Thursday lows @ 4315

    Target was 4260 in day session and then 4297 in sycom, so the up move was higher than expected.

    Weekly report out tomorrow





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    • Posted by

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

    I'm bearish on US markets with an expectation of the trend moving down into the Weekly lows.

    High probability that Thursday can breakout of the daily lows and continue down on Friday.




    S&P Weekly and Daily range

    Whilst price was below 1118 this week the expectation was a trending week down into the Weekly lows by this Friday.

    This was confirmed by the sell down from the Yellow trend guide @ 1109 and then the expectation that Thursday could breakout.

    "If US markets do follow the Weekly lows by Friday that will mean that there's going to be a Daily low breakout sometime this week."

    Thursday's breakout of the daily lows and continuation down on Friday will complete the break and extend pattern from 1173 (2 weeks ago)

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    • Posted by

    SPI Daily 20th MAY 2010 recap

    "Break and extend pattern in the Weekly timeframe has a downward target @ 4328 in the day session & 4109 in the 24 hour market.

    There is a breakout of Wednesday's lows @ 4430, so there is an expectation that price is following the trend down into Thursday's lows @ 4339

    Trend guide 4394"




    S&P Weekly and daily range.

    Today completes the break and extend patterns with today’s lows @ 4328, however the same pattern in the 24 hour market is much lower @ 4109.

    This month has seen the Weekly low breakout in MAY and below the MAY 50% level @ 4761

    Extension down into MAY lows @ 4457 and then a 3-day counter-trend move back into the Weekly 50% level last week.

    The continuation of the down move was helped by last Thursday’s highs in US markets and expected reversal down into a lower Friday close.

    Test and reject pattern last week (Weekly 50% level):- Break and extend pattern has completed into the Weekly lows @ 4328.

    And US markets are going through the same patterns towards their own Weekly lows, and if that's the case then the SPI is moving below today's lows.


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    • Posted by

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

    "Expectation US markets are heading down into the Weekly lows:- below 1118 and the bias is down.

    If screen trading the S&P keep an eye on the levels and 8.5 ranges and ‘spiral points"


    S&P Weekly and Daily range.

    S&P remained below 1118 and formed 4 x 8.5 spiral tops patterns during Wednesday (1 during Globex and 3 during the day session), but failed to reach the Daily lows @ 1096.50

    At this stage the expectation remains that price is moving towards the Weekly lows, as the cash market has closed below 1118.

    However, that can change during Globex hours if price closes back above 1118



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    • Posted by

    SPI Daily 19th MAY 2010 recap

    This week can continue down as part of the break and extend pattern in the Weekly timeframes toward 4328 (4109)

    Therefore anything below 4430 today has a bias to trend down towards 4388.



    SPI Weekly and daily range

    This week has seen the Weekly 50% level tested and rejected and in theory should continue down into the Weekly lows.:- 4328

    And could travel as far as 4109 during sycom hours.

    Today's breakout of the daily range on Wednesday @ 4430 set-up further weakness into the 10 -day lows @ 4388, and more than likely continue down towards 4328 tomorrow.





    Posted by

    S&P (e-mini ) 18th MAY 2010 Daily recap

    "Expectation that US markets are going to continue down towards the Weekly lows, but there is still the possibility that there is a 2nd counter-trend day with an Upward bias.

    Brown levels resistance @ 1157.

    below the Yellow @ 1126 is seen as bearish towards Tuesday's lows"



    S&P Weekly and Daily range.

    Early rise upwards but didn’t move high enough @ 1157 (resistance)

    It wasn’t until price was back below the Weekly 50% level @ 1136 that formed a R8.5 high ‘spiral top’ that provided the next leg downward.

    And then another 8.5 spiral stop below the Yellow @ 1126, as price continued down towards Tuesday’s lows.

    At this stage the expectation remains a move towards the Weekly lows @ whilst below 1118.






    Posted by

    SPI Daily 18th MAY 2010 recap

    I'm unsure as to whether the SPI continues upwards on Tuesday or it remains below 4544-49

    Trend guide 4533.

    Opens closer to 4533 and trading below price could see revisit the channels lows once again



    SPI Weekly and Daily range

    SPI opened on the spiral filter @ 4533 and sold back down into Tuesday’s lows which match the MAY lows @ 4457.

    Support @ 4457 and a late reversal pattern upwards into the close:- 42 points

    There are two patterns at play this week:- above 4549 and a short-term swing back towards the Weekly 50% level @ 4646.

    However, anything below 4457 and there is a weekly break & extend pattern with a target towards 4328





    Posted by

    S&P (e-mini ) 17th MAY 2010 Daily recap

    "Support 1118

    Potentially the Daily lows are going to support the market and provide a swing back towards daily 50% levels…

    Or it’s going to continue down into Monday’s lows. (double dip)"



    S&P Weekly and Daily range.

    As per Weekly report, I had the expectation that this week would begin with a 2-day counter-trend move.

    However during globex hours the markets sold off from the Weekly 50% level @ 1136 and moved down into a ‘double dip’ pattern into Monday’s lows from the daily 50% level.

    Monday’s lows provided a swing back into a higher daily close.






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    • Posted by

    SPI Daily 17th MAY 2010 recap

    "Support:- 4516

    Based on Monday's levels it might struggle to rise beyond 4552-56

    Below 4516 and the bias is to follow the Daily range towards Monday’s lows"




    SPI Weekly and Daily Range.

    Monday had an early rise from 4516 and then a reversal pattern towards the lows after reaching a high @ 4552 (random resistance)


    The continuation down into Monday’s lows wasn’t a high probability pattern, it was a ‘validation pattern’ only confirmed once price moved below the Weekly 50% level & 4516

    Anything below 4516 and the bias was to follow the Monday range lower, as well as the S&P 500 continuing down during globex hours at the same time.





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