Index & Stock Rpts 26th June 2010 Weekly

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Australian Index (SPI) Futures

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

"Friday continues down into the Weekly & daily lows, which becomes support and swings back towards the Daily 50% level.

1 day counter-trend move upwards after 4 days down in a row"

S&P Weekly and Daily range

Flat trading day without reaching Friday's support levels

SPI Daily 25th June 2010 recap

Resistance 4440-4446…

Looking for the market to continue down towards Friday’s lows @ 4390.

Minimum move 42 points.

SPI Weekly and Daily range

Another rejection zone (4440) using the levels in the 5-day range, pushing to SPI down towards Friday’s lows with a minimum move of 42 points during the day session

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

    Wednesday support and trading around the Weekly levels.

    Two patterns at play:- rise into the daily 50% level ( resistance)

    Or break and continue down into Thursday’s lows.

    S&P Weekly & Daily range

    S&P continues with the down trend as price moves towards the July lows in the 3rd Quarter.

    My preferred pattern was a swing back into the daily 50% level using Wednesday’s lows as support, however the larger monthly trend is driving prices lower

    SPI Daily 24th June 2010 recap

    "Because of Wednesday's breakout my view is to continue down into Thursday's lows.

    Support 4442

    Resistance 4513-17"

    SPI Weekly and Daily range

    Early rise into resistance on the back of miners having strong gains overseas…

    Hitting resistance, which was also a R42 spiral top in early trading

    And then a drift down towards Thursday’s lows (42 points)

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

    "Daily low breakout on Tuesday (1098) can often continue down into Wednesday's lows

    There are conflicting patterns, normally I would favour a down day based on the patterns in the 5-day range, however the pattern in the weekly timeframe usually continues higher from the Weekly 50% level"

    S&P Weekly and daily range

    Early support during globex hours using the Weekly 50% level, but the daily breakout on Tuesday can often move lower on Wednesday, which was the case.

    8.5 point rise upwards from Wednesday’s lows, but then a drift back down into the daily lows to close out the day.

    SPI Daily 23rd June 2010 recap

    If there is going to be a rise upwards in the Australian market it's going to occur from the Weekly 50% level and the day lows on Wednesday

    Support 4499 (Daily lows)

    High risk trading longs below 4499

    SPI Weekly & daily Range.

    SPI opens below the June 50% level @ 4519 and moves down into the daily lows @ 4499

    Expectation of a 21- 42 point rise back upwards failed to materialize, and the market has continued down past the Weekly 50% level.

    A daily close below the lows @ 4499 can often continue lower on Thursday depending on the price action in the S&P overnight.

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

    "Support 1105.75…

    Below 1105.75 and there is a possible spike down into the Weekly 50% level @ 1089.75"

    S&P Weekly and Daily range

    Tuesday remained supported @ 1105.75 but failed to move beyond the daily 50% levels for most of the day ending with a push down into the Weekly 50% @ 1089.75

    Normally what happens is that the weekly highs are much higher, the
    market moves up into the weekly highs reverses down into the Weekly 50%
    level, which by now is above the monthly 50% level, and then the trend
    continues up over the next 2-months.

    A reversal down into next week's 50% level is still below the monthly 50% level....

    (S&P Report 16th June)

    The S&P has completed that exact pattern, which would normally lead to the market rising upwards into the end of month (2 weeks) and up into July.

    However, as pointed out this price action is taking place is below 3rd monthly 50% level coming into the end of the Quarter, and also trading below the daily lows on Tuesday, which can often lead to Wednesday moving lower

    If the market is going higher it needs to be closing back above 1106.50 by Friday

    If this week fails to move back above the June 50% level, the 3rd Quarter can start with a negative move down towards the July lows.

    SPI Daily 22nd June 2010 recap

    Based on the levels in the daily range the market looks range bound.

    Random resistance @ 4591

    Support 4555.

    SPI Weekly and Daily pattern

    Early rise into resistance and a drift down into support and more consolidation.

    Tuesday ends up consolidating within the daily range until a late break of support as price goes looking for the Weekly level @ 4533

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

    S&P already trading around the Weekly highs @ 1128

    These highs can act as resistance in the early part of the week, and Support is as shown :- White levels @ 1105.75.

    My ideal pattern is a reversal back down into 1105.75 by Tuesday.

    S&P Weekly and Daily range.

    Monday has reversed back down into 1105.75, and this level is now the trend guide for the rest of the week:- support

    Whilst the market remains above 1105.75 I have an upward bias into the start of the 3rd Quarter.

    However, it wouldn't surprise me to see the market consolidating around the June 50% level for the next two weeks if Tuesday decides to visit the Weekly 50% level @ 1089.75 and Daily lows.

    SPI Daily 21st June 2010 recap

    "As per Weekly report, expectation that the market is continuing higher and following the Weekly ranges upwards over the next 2-weeks.

    Trend guide 4625:- with the bias to potentially move down 42 points and ‘gap’ closure"

    SPI Weekly and Daily range

    S&P 500 gapped up during globex hours resulting in the SPI opening much higher than expected and already around this week’s highs.

    Trend guide spiral filter @ 4625 for an early fade downward into Monday’s highs @ 4584-4592.

    Once Gap closure was complete into the previous weekly highs and whilst Monday trades above 4592 there is an expectation that the trend will continue higher into the start of the 3rd Quarter.