SPI Daily 8th July 2010 recap

Resistance @ 4350 (Thursday’s highs)

Support 4309


Weekly 50% level @ 4332 (trend guide)



SPI Weekly and daily range.

Trend guide today was based on the Weekly 50% level @ 4332…

Anything below was seen as a reversal pattern towards the 10-day 50% level @ 4309.

Once support was confirmed @ 4309, the market moved into a consolidating pattern of 21 point ranges below the Weekly 50% level @ 4332 until late trading.

Above 4332 has seen a move towards Thursday’s highs during sycom, which is precisely a 42-point rise @ 4251 from today’s lows.

I was expecting the Weekly 50% level to send the SPI back down into
the July lows, but the S&P's rally and daily close above the Weekly 50% level can see more short-term gains.

S&P's rally didn't begin from any higher timeframe support levels during
July, which is a bummer....

As I was looking for swing patterns back towards the monthly 50% levels in July but only after hitting July's lows first








Posted by Frank Dilernia

S&P (e-mini ) 7th July 2010 Daily recap

"Blue channel high @ 1023 is the trend guide....

I now have the view that the market is moving towards a lower Friday close, after yesterday's failure of the previous Weekly low @ 1037.50"



S&P Weekly and Daily

S&P rallied on Wednesday and is now trading above the Weekly 50% level.

I wasn't expecting that to happen so soon without the S&P at least reaching 998.50 (Red) before the first potential swing back towards the Weekly 50% level.

Unless globex moves down and Thursday opens below the Weekly 50% level, the bias is to follow the daily range upwards.



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    • Posted by Frank Dilernia

    SPI Daily 7th July 2010 recap

    My view remains a move back down towards the July lows or a lower Weekly close by Friday.

    Trend guide 4263-66

    With a view for the R42 range to complete down.



    SPI Weekly and daily range.

    Yesterday’s reversal into the Weekly 50% level would normally set-up a move down towards the July lows.

    Yesterday’s trading was a minor short-term counter-trend pattern from 4170 into 4322, which will often see the trend gradually rotate downward until Friday.

    Today’s price action open below and failed at @ 4363 in early trading, moving down 42 points and then a consolidation pattern to close out Wednesday.








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    • Posted by Frank Dilernia

    S&P (e-mini ) 6th July 2010 Daily recap

    Breakout from last week @ 1037 extends down towards this week's lows by Friday.

    Random resistance 1026.75



    S&P Weekly and Daily range.

    Tuesday has seen a move upwards and a retest of last week’s breakout @ 1037.50.

    The reversal pattern aligned with a 3-day cycle highs and price has been pushed back down.

    There are two possible patterns that are going to play out this week…

    Continue back towards the Weekly 50% levels….

    Or follow my view of a move downwards by Friday, as part of the break and extend pattern towards the July lows.





    Posted by Frank Dilernia

    SPI Daily 6th July 2010 recap

    Support 4166-73

    Trend guide 4196.

    Above 4196 look for a move towards 4225 and then 4245.



    SPI Weekly and Daily range.

    Lower daily open and aligned with the Daily lows @ 4166…

    Price needed to clear 4196 for the trend to continue upwards, with a late spike as high as the channel @ 4257 & then the Daily 50% level @ 4270.

    The SPI currently remains supported around 4170 and today’s up move failed to provide a single R21 reversal once above 4197. (Trending day)

    Weekly 50% level @ 4332.





    Posted by Frank Dilernia

    SPI Daily 5th July 2010 recap

    Today:- resistance @ 4244, with the expectation that the range is moving down.

    Overall trend is to continue down, but there can be random support around the R42 low @ 4208

    SPI Weekly and Daily range


    There is a breakout of the Weekly lows @ 4278, therefore there is an expectation to continue down into this week’s lows, which is part of my overall view as the market heads towards the July lows.

    Today was simply using the same levels on the way down, as we use the levels for short term countertrend moves on the way up within the 5-day range (42 points)

    If the market moved down in early trading towards 4208 then the bias was to move upwards (42 points)

    If the market moved upwards in early trading the bias was to continue down from 4244 and complete the range @ 4208…

    And possibly follow the Monday range lower @ 4172, whilst the SPI remains below 4213





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    • Posted by Frank Dilernia

    Index & Stock Rpts 3rd July 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/



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    • Posted by Frank Dilernia

    S&P (e-mini) 2nd July 2010 Daily recap

    breakout of the Weekly lows @ 1037.75 may resist the trend from rising higher this week, and then continue with the downward trend into next week’s lows:- break and extend pattern

    Friday continues up towards the daily 50% level @ 1037.75 but struggles to rise higher as price is trading below the Weekly lows.

    If this occurs this can set up a move down towards next week’s lows.



    S&P Weekly and Daily range

    Didn't rise up high enough into the Daily 50% level, but the pattern of continuing down into next week's lows and the July lows is still part of the expectation


    Posted by Frank Dilernia

    SPI Daily 2nd July 2010 recap

    If the R42 range moves upwards and completes the range, then 4251 can set-up another move down into the lows once again @ 4207

    However it might take a couple of hours for that to happen...

    Resistance 4251

    Support 4207     SPI Weekly and daily range

    Higher daily open around 4251 and a choppy R21 range either side of 4251.

    Once 11.20 was over and the market settled below 4251 the bias was to continue down to support @ 4207


    Posted by Frank Dilernia

    S&P (e-mini ) 1st July 2010 Daily recap

    Random support Thursday lows :- Resistance Daily 50% level.

    The set-ups will be dependent on which occurs early on Thursday.




    S&P Weekly and Daily range

    If the market moved up early on Thursday the bias was to continue down towards Thursday’s lows using resistance, as part of the trend towards the July lows.

    Instead the market moved down early and found support on Thursday’s lows, and will most likely continue towards the Daily 50% level on Friday.





    Posted by Frank Dilernia
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