Index & Stock Rpts 24th July 2010 Weekly

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

DOW and S&P Index Futures


OIL Futures:- OIL BOIL

Note: Weekly BHP, RIO, and Banking Report Update

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

    Friday will likely continue upwards....

    Resistance levels 1099-1103.

    S&P Weekly and Daily range

    Friday has continued upwards and closed above the 3-day cycle @ 1099 in late trading.

    Normally the 3-day cycle would provide resistance and then continue lower from next week’s higher open.

    However, even though this week has seen the market remain within the Weekly ranges, Friday’s close could see a continuation of the move towards next week’s highs

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  • SPI Daily 23rd July 2010 recap

    Today is based on whether Friday continues towards the July 50% level @ 4464, and Friday's highs...

    or there is more rotation and consolidation within the Weekly levels.

    Resistance @ 4435

    SPI Weekly and daily range

    Early resistance but there wasn’t a minium move of 21 points on the downside

    Instead the market remained choppy until afternoon trading before continuing upwards, but then drifting lower into the close.

    Weekly report out tomorrow

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

    Trend guide 1074…

    Above and a swing towards the Daily and Weekly highs.

    S&P Weekly and Daily range.

    There were two patterns for today….

    Either the trend continues down after a 2-day counter-trend move upwards and Wednesday’s down day…

    Or above 1074 and the trend was going back towards the highs.

    SPI Daily 22nd July 2010 recap

    "Thursday looks to be consolidating within the Weekly levels, but the early direction is to determine whether the market goes down into support levels or rises up into resistance levels

    Support 4325 Resistance 4399

    Trend guide 4369"

    SPI Weekly and Daily range.

    Today saw the market move up 42 points in early trading before drifting lower into the close.

    My view is that the market is heading lower based on the larger trends of the market, but it failed to reach resistance levels @ 4399.

    However, once price dropped back below 4369 the trend bias was to drift down towards Thursday’s lows @ 4325

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

    Trend bias blue channel highs:- 1077

    S&P Weekly and daily range

    Two were two possible patterns today…

    Continue towards the daily highs after yesterday’s Weekly 50% level support

    Or moves into a lower daily close.

    The latter is based on a larger timeframe patterns, and after a 2-day upswing Wednesday continues with the overall trend towards a lower Friday close @ 1022.

    Therefore the critical levels for the rest of this week are once again the Weekly 50% level @ 1054 and the dynamic blue channel highs within the daily range

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  • SPI Daily 21st July 2010 recap

    Trend guide 4413…

    Below and pull back towards 4382…

    SPI Weekly and 5-day pattern

    Today was based on whether the market was going to continue towards the daily highs or move down into support levels (R42 points)

    Based on the higher spiral point @ 4413 the bias was to close the gap on the downwise and then struggle to rise higher than 4403 for the rest of today.

    S&P (e-mini ) 20th July 2010 Recap

    My view is for the market to continue down, if below 1065 then bias is towards Tuesday's lows and Weekly 50% level (1053-55)

    An UP day will swing towards 1086 and this would line up with 1084.50
    and be viewed as a resistance level.

    Trend guide 1065

    S&P Weekly and Daily range

    Push down into support levels during globex hours from 1065, aligned with the Daily lows and Weekly 50% levels

    And once back above 1065 a swing into to 1084.50 and resistance.

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  • SPI Daily 20th July 2010 recap

    Weekly 50% level support @ 4316 and today's trend guide is 4326.

    Even though I think the market is going lower, today's price action could swing back towards 4372 and as high as 4397.

    SPI Weekly and Daily range. 16:00

    As per Weekly report, my view is to continue down, but there is also the probability that the market can remain within the Weekly ranges.

    Tuesday saw the Weekly 50% level support the market and helped by a switch in the daily filter on Tuesday from 4344 to 4326.

    This resulted in a move towards 4372, which I thought was going to be the top and the market would drift lower into the close.

    Instead there was a push upwards into the daily @ 4397, and this saw a drift lower into the close (21 points)

    S&P (e-mini ) 19th July 2010 Recap

    1073 resistance with a bias to continue down. (8.5 points)

    As per Weekly report, the bias is to continue down during the 3rd Quarter....

    However, both markets could remain trading within the Weekly levels....

    S&P Weekly and Daily Range

    Choppy Monday without reaching 1073…

    With the bias to continue down towards the Weekly 50% level and Daily lows

    SPI Daily 19th July 2010 recap

    Trend bias to continue lower during the 3rd Quarter, however the market can still consolidate between the Weekly levels.

    Trend guide 4344 (resistance)

    Random support 4297 (Monday's lows

    SPI Weekly and Daily range.

    Early rise into resistance @ 4344 and a 21 point reversal…

    But a failure to continue down towards Monday’s lows and a full 42 point move.

    Understandably with price trading above the Weekly 50% level @ 4316.