Index Weekly Reports 29th MAY 2010

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

DOW and S&P Index Futures


OIL Futures:- OIL BOIL

S&P (e-mini ) 28th MAY 2010 Daily recap

"There is a 5-day high breakout in the S&P on Thursday, which favour a move towards Friday’s highs and the Weekly 50% level

Set-up:- moves down into 1087.50 and then a higher daily close"

S&P weekly and Daily range.

With Thursday’s breakout of the daily highs I would normally have the expectation that the trend would continue higher on Friday completing the move into the Weekly 50% level and Daily highs @ 1113

The most robust pattern for Friday was a move down and then a rise upwards into a higher daily close.

That scenario half played out, with price visiting support and then moving upwards 8.5 points, but failing to continue into the highs instead closing on support.

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  • SPI Daily 28th MAY 2010 recap

    Resistance 4457-64:- MAY lows and Daily highs on Friday.

    4457 provides the perfect levels for resistance in early trading

    Random support: 4432 (Weekly 50%)

    This could result in the market remaining choppy around the highs for most of the day.

    SPI Monthly and Daily range.

    SPI remained for most of the day trading between resistance levels @ 4457-64 and the Weekly 50% level @ 4432 until at late move upwards.

    My expectation was that the SPI would struggle to rise higher on Friday, but it didn't mean it couldn’t go higher into the close or overnight in sycom

    With Friday trading above the Weekly 50% level @ 4432 this can often see a higher Friday close and as part of a rotation towards the Monthly 50% levels.

    "If US markets have broken Thursday's highs and the expectation that price is going to continue higher on Friday, that means the SPI is likely to go higher..

    However, not necessarily during the day session, but during sycom and Monday opening higher"

    We can see our market have major support around the Yearly 50% @ 4295

    And I’m still factoring in the S&P 500 continuing to rise upwards as part of a rotation towards their Monthly levels, which will drag the SPI higher in the short-term.

    Weekly report out tomorrow

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  • S&P (e-mini ) 27th MAY 2010 Daily recap

    S&P trading around support levels and I still have the view that US markets are going to rise up in the short-term towards their monthly 50% levels.

    We can now see that the 5-day highs is catching up with the price action @ 1093.

    My gut feeling is saying a Thursday high breakout, but we I won't know that unless it's trading above 1093 late in the trading day (afternoon trading).

    S&P Weekly and Daily range.

    Late break of Thursday’s highs and expectation price should continue towards the Weekly 50% levels on Friday and towards the Monthly 50% levels early next week.

    SPI Daily 27th MAY 2010 recap

    Support 4284

    Resistance 4342.

    Above 4342 and upside is 4377

    SPI Weekly and Daily range.

    SPI continues to consolidate below the MAY lows and trade within the daily channels.

    Early rise into Thursday’s highs @ 4342 and a push back down, and then today’s break above 4342 and subsequent move back towards 4377 and higher daily close.

    Today’s late move and break above 4342 is part of the rotation back towards the June 50% levels.

    It's now up to the S&P 500 to drag the SPI higher into Friday.

    S&P (e-mini ) 26th MAY 2010 Daily recap

    Whilst above 1070-74 the bias for the S&P is to continue UP towards the June 50% levels....

    However, based on the patterns in the Daily range, Wednesday could end up range trading between the blue channels.

    Focus on 8.5 ranges:- resistance 1088 & support 1059

    S&P Weekly and Daily range.

    Early support during globex hours (1070-74) saw a double 8.5 range rise upwards hitting resistance @ 1088 and another 8.5 rotation back down.

    Late afternoon trading below the Daily 50% @ resulted in a sell down into the support levels @ 1059.

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  • SPI Daily 26th MAY 2010 recap

    "Based on the current patterns in the Weekly range and trading below the MAY lows the market looks to be consolidating

    Resistance 4378

    Support 4301"

    SPI Weekly and Daily range.

    The SPI moves into resistance @ 4378 in early trading but then is pushed back down towards the daily lows resulting in consolidating trading day between 4378 & 4301

    The SPI remains consolidating below the MAY low breakout and will probably find it hard to rise upwards unless the S&P 500 drags it up over night during the remainder of the month.

    S&P (e-mini ) 25th MAY 2010 Daily recap

    "Tuesday lows and Weekly lows are random support.

    Tuesday follows a higher daily close:- 2nd day UP after Friday's lows"

    S&P Weekly and Daily range

    Same pattern as Friday:- Weekly and Daily low support and higher daily close.

    This time back above the daily 50% level.

    SPI Daily 25th MAY 2010 recap

    Yesterday saw a rise upwards and failure to continue beyond the Weekly 50% level and the MAY lows.

    Trend guide 4345.

    Below 4334-45 and downward bias is towards 4270.

    SPI Futures:- Weekly and Daily range

    Breakout of the MAY lows in the SPI @ 4457.

    This week has seen a retest of the Weekly 50% level and whilst below
    4356 the bias is to continue down.

    Early rise upwards but below 4345 the bias was to follow the daily range down into 4270.

    The Aussie market support levels in MAY @ 4457 failed as the S&P moved down
    into last Friday’s lows, and whilst below the MAY lows price can often
    continue down in the following month (June), unless the S&P 500 drags the Aussie market upwards in the short-term.

    With the subsequent bounce off the Weekly lows in the S&P on Friday
    I thought that US markets would have remained above 1070-74
    until the start of June before the next potential leg down.

    Because the S&P is now trading below 1070-74 (MAY low breakout
    and below the Quarterly 50% level) there is the view that price is
    rotating back towards the Yearly 50% level @ 969.

    That could happen quickly or it could take a number of weeks to unwind towards 969.

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

    "Support 1076.25

    Minimum move 8.5 points"

    S&P Weekly and Daily range.

    After last weeks completion down into the Weekly and daily lows on Friday I now have the view that in the short-term US markets will try and swing back towards their monthly 50% levels in June.

    That's simply based on price remaining above 1076.25

    With the market opening above 1076.25 then the bias was to move upwards.

    The initial move was up 8.5 points from support:-

    However, Monday failed to remain above 1076.25 selling down into a lower Daily close.

    SPI Daily 24th MAY 2010 recap

    Expectation that the SPI is moving up towards their June 50% levels.

    The trend guide this week is 4356

    Above 4381 and then level up is 4457

    SPI Weekly and daily range.

    Higher daily close once above 4356.

    Breakout of 4381 and next level up is 4429

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