Index & Stock Rpts 31st 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/

OIL Futures:- OIL BOIL

http://www.oilboil.blogspot.com/



Note: Weekly BHP, RIO, and Banking Report Update



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    • Posted by

    S&P (e-mini ) 30th July 2010 Daily recap

    S&P to swing back from 1092 to 1099, which then becomes resistance

    Support Friday’s lows @ 1084.50



    S&P Weekly and Daily range

    Early price action saw the market move up from 1092 during globex hours into 1098 and then a sell down into the daily lows @ 1084.50.

    This resulted in a swing back towards 1099, which once again pushed the market down 8.5 points ($425) and then 1092 played it’s supporting role for a higher daily close.

    Based on current price action the S&P should begin next week with a 2-day UP move, as long as it remains above 1099





    Posted by

    SPI Daily 30th July 2010 recap

    SPI remains supported above key Weekly (4444) and Monthly levels @ 4464.

    Trend guide and 'attraction zone' is 4506

    Today’s support 4461



    SPI Weekly and daily range

    SPI struggled to rise up from support levels and instead consolidated for most of the day to close out the month with little enthusiasm.

    Even late buying from 3pm failed to materialise.

    Weekly report out tomorrow.



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    • Posted by

    S&P (e-mini ) 29th July 2010 Daily

    "Whilst the S&P remains above 1099 the bias is upwards

    However around 1112 becomes a resistance level of 8.5 points. ($425 USD)

    Below 1100 and price is likely to push down"

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    S&P Weekly and Daily range

    A number of days ago I suggested the market can consolidate for the next 3-days between 1117 and 1092 until Friday.

    Thursday’s consolidation pattern started with the resistance and high around 1112 and the continuation below 1100

    3-days is a long time in the markets and sequence of events over those past 3-days makes it hard to see the market set-up for a Friday rally towards 1135, as suggested.

    If the events over the past 3-days differed, for example Wednesday moved down into 1092 and Thursday closed higher, then it is much easier finding a high probability set-up on the last day of the week:- higher Weekly close

    At this stage the August 50% level starting next week will the trend guide.







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    • Posted by

    SPI Daily 29th July 2010 recap

    Whilst the SPI is trading above the July 50% level trying to rise towards 4534 and to 4572 by the end of the month

    Trend guide 4486



    SPI Weekly and daily range.

    Choppy early in the day around the trend guide @ 4486.

    I was expecting a little more strength into the close today:- 42 points from today’s lows.(minimum move)

    Any further gains will depend on the price action in the S&P after the completion of the 2-day reversal pattern down from 1117 into 1099 (support and trend guide for the 3rd Quarter)


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    • Posted by

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

    "Weekly highs Resistance that can last for 2-3 days and remain range
    bound between 1117 & 1092 until Friday"




    S&P Weekly and Daily range

    Wednesday has continued to drift down as part of the 2-3 day consolidating pattern after reaching the Weekly highs


    Whilst the market remains above 1099 the bias is to continue higher,
    and those weekly highs have less probability of resistance by Friday.


    However, if the market struggles over the next 3-days and drifts down towards
    1092 by Friday, then the August 50% level becomes the trend guide during the 3rd-Quarter

    At this stage I don't have a long term view of the market, and I'm treating
    each weekly timeframe as short-term 2 & 3 days patterns until the start of August.

    Price is now trading around 1099, which is the critical level for the 3rd quarter.







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    • Posted by

    SPI Daily 28th July 2010 recap

    Trend bias is up and moving towards the Weekly highs and then 4572 (later this Week)

    Support 4481



    SPI Weekly and daily range

    Early support around 4481 until the CPI figures came out @ 11.30

    This pushed the SPI back down into the July 50% level @ 4464.

    Once back above 4481 the bias was to rise upwards into the close.





    Posted by

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

    "Whilst the market is above 1099 the trend bias is towards the Weekly highs

    Weekly and Daily highs is viewed as resistance with a possible reversal back towards 1098-1100"

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    S&P Weekly and Daily range

    As per Yesterday’s recap… "My view over the next 2-3 days is that there could be a consolidation pattern between the upper levels of 1112-1117 whilst remaining above 1099”

    Today has seen the first day of the consolidation pattern with the early rise up into Weekly highs providing a minium reversal of 8.5 points, but without the complete reversal down towards 1100.


    As pointed out in yesterday's recap.... the market has hit minor resistance levels whilst above 1099.

    As long the market remains above 1099, there is still possible move towards 1027-35 as we come into the end of the week.



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    • Posted by

    SPI Daily 27th July 2010 recap

    4525 is seen as resistance again.

    If the SPI struggles to rise higher than 4491-93 then the trend bias is a pullback is towards 4452 to 4464.



    SPI Weekly and Daily range.


    Based on today’s levels in the daily range, whilst below 4493 the pullback was towards the July 50% level @ 4464, and could have moved as low as 4452.

    Daily low 4463.

    Trend bias is now up towards 4534 (Weekly highs) and then 4572 later this week

    However, those upper levels in July are based on the S&P remaining above 1092-99.






    Posted by

    S&P (e-mini ) 26th July 2010 Daily Recap

    "Whilst the S&P is above 1099, the bias is upwards..."



    S&P Weekly and Daily range

    S&P has continued to push upwards and into minor resistance levels around 1112-1117.

    My view over the next 2-3 days is that there could be a consolidation pattern between the upper levels of 1112-1117 whilst remaining above 1099.

    And then focus on Friday's range to see whether there is a possible move upwards 1127-35

    random support 1092



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    • Posted by

    SPI Daily 26th July 2010 recap

    "Looks like another day like last Friday: - upward bias and 4482 as resistance,

    But not expecting a complete 42 point reversal"




    SPI Weekly and Daily range

    Monday’s highs stalling the trend, as was the case last Friday.

    Gap closure back down into Friday's highs @ 4451, and now the trend has a bias to continue towards the Weekly highs @ 4534.

    Currently price is trading above the July 50% level and should continue higher unless the S&P begins this week with a 2-day reversal (Trend guide 1099)




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