Index, Forex & Stocks 7th Aug 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



Posted by

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

Trend guide 1124.75

Jobs data comes out tonight, and this will either send the markets higher, as part of the continuation from last Friday’s lows and above the August 50% level.

Or reverse down towards 1106.



S&P Weekly and Daily range.

Reversal pattern below 1124.75 has seen the market moved down into the daily lows on Friday and find support.

As mentioned earlier in the Week, I was looking for that 1 day reversal down into support levels @ 1102 before the trend would most likely continue higher. That reversal pattern didn't occur until Today

I now have the view that price is following the same pattern as last week, whilst above 1116 the continuation of the trend towards the Weekly highs





Posted by

SPI Daily 6th August 2010 recap

I have the same view as the previous few days:- 4541-44 resistance with a bias to move down towards support levels

Support 4505-11.



SPI Weekly and daily range

Early downward push but a failure to reach support levels has resulted in a tight trading day to close out the week around the current highs.

Jobs data out tonight will provide the next leg upwards…????

Or a negative result has the potential to send markets back into more consolidation patterns over the next 3-weeks.



Posted by

S&P (e-mini ) 5th August 2010 recap

1132 resistance and I would like to see the market move down into 1118 as a first target area.



S&P Weekly and Daily range.

Price didn’t move up into Thursday’s highs, instead it moved down into 1118 and found support

S&P continues to hug the Weekly highs without providing a reversal pattern and as mentioned a couple of days ago, this week could end up with a higher Friday close and a continuation of the trend upwards in the 3rd Quarter

That will depend on the market’s reaction to the Jobs data out tonight




Posted by

SPI Daily 5th August 2010 recap

Based on today's levels it looks like more rotation and consolidation.

Resistance 4550

Trend attraction zone 4527



SPI Weekly and Daily range.

Another consolidating pattern around upper resistance levels and trading within the levels of the daily range. 21 points

As per Yesterday’s recap, I’m bullish on the market, but any further gains in the Aussie market (above 4565) will be lead by the S&P 500.



Posted by

S&P (e-mini ) 4th August 2010 recap

Patterns for Wednesday:- Support 1111.75

And continues towards Wednesday’s highs and then towards 1132 by Thursday.



S&P Weekly and Daily range.

Current price action in the S&P suggests that the move towards 1132 should play out on Thursday




Posted by

SPI Daily 4th August 2010 recap

Based on the current patterns in the market I'm treating the SPI as trading around resistance levels @ 4541 with a bias to move down towards 4514.

Resistance 4541 (Weekly highs)

Support 4498.



SPI Weekly and daily range

The SPI is trading around resistance levels @ 4541-65, and the current price action is part of a 2nd day reversal pattern within the 5-day range.

I have the view that the SPI is moving higher during the 3rd Quarter and towards 4672, however I would like to see the S&P follow a similar pattern as the SPI and reverse down (1-day reversal)

The market is trading above the monthly 50% levels, and the ideal pattern is to verify those levels with a minor reversal down (lower Daily close) and then continue higher by Friday using Support.



SPI consolidating during the 3rd Quarter between the July lows @ 4170 and current highs in August.

However, the critical support level in 2010 has been the Yearly 50% level @ 4295

This sets up a move towards 4672 and possibly higher by September (monthly highs) and then we look for the next set-ups in the 4th Quarter using support levels.

Either markets continue higher during the 3rd quarter (This Week)…

And any further gains in the Aussie market (above 4565) will be lead by the S&P 500.


If support levels don’t hold this week, then the 3rd quarter is likely to continue and consolidate with the trend reversing back down towards the Weekly lows.

These Weekly lows are then used for the next leg upwards in September.





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    • Posted by

    S&P (e-mini ) 3rd August 2010 recap

    We have similar patterns as last week, hitting the Weekly highs

    I’m looking for a 1-day reversal pattern during the week:- towards 1102-1109



    S&P Weekly and Daily range

    Tuesday ends up being an inside day without the continuation down into support levels:- 8.5 rotations

    Last week reversed down from the Weekly highs and into Friday’s lows, however this week I have the view that the market is going higher, but only after the completion of a 1-day reversal and lower daily close.

    I don’t think Tuesday’s trading is that 1 day.





    Posted by

    SPI Daily 3rd August 2010 recap

    "Resistance 4570

    Support 4525

    First target reached @ 4565 with the next target @ 4672.

    There is probably 1 day that will reverse down (lower daily close), but then there’s the potential for this week to continue upwards and into a higher Friday close'




    SPI Weekly and Daily range.

    First target reached @ 4565 with the next target @ 4672.

    Today’s trading was a higher Daily open and a reversal down to retest Monday’s breakout and the Tuesday's high @ 4525.

    My view is for further gains this week, but there is likely to be a 1-day reversal pattern once the first targets were reached.

    The SPI has completed the 1-day reversal, however I’m also looking for a 1-day reversal pattern in the S&P500.






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    • Posted by

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

    Based on Friday's low and the monthly close above 1099, my view is that the market is moving upwards over the next 2-3 days, as per Weekly report.

    Above 1106 defines the trend



    S&P Weekly and Daily range

    Weekly highs reached on the first day with the 2nd day target @ 1131.



    Posted by

    SPI Daily 2nd August 2010 recap

    As per Weekly report, my view is UP:- 2 to 3 day rally

    Trend guide 4467-72



    SPI Weekly and Daily range

    SPI rallied in morning trading from 4472 completing the R42 range upwards.

    The rest of the day consolidated, and it is likely to continue higher.

    3rd Quarter target remains 4672

    short-term target 4565.




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