Index, Forex & Stocks 14th Aug 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

S&P (e-mini ) 13th August 2010 recap

S&P trading around medium term support levels:- 1073-78

I have the same expectation :- resistance 1094-1099

Support 1062-65

S&P Weekly and daily range

Another flat trading day consolidating in double 8.5 ranges without reaching resistance levels or lower support levels.

Current price action suggests more weakness whilst below 1085...

Because price is below the monthly 50% levels in August the trend bias is to continue down, but that will need to be verified with a breakout of the Weekly lows.

otherwise next week can move into another 5-day consolidating pattern between the lows and the Weekly highs.

SPI Daily 13th August 2010 recap

SPI Trading around the 3-week lows @ 4330

Trend guide in early trading is 4344.

Above 4344 has the potential to move into a counter-trend trading day back towards 4427.

SPI Weekly and Daily range

SPI moves down into Weekly lows @ 4330, after consolidating
below 4375 yesterday

Friday has seen the Weekly support @ 4330 verified with a shift in
the 5-day filter @ 4344 and then a consolidation back above 4375...

And Friday continues with the counter-trend upwards & back towards the 50% levels.

S&P (e-mini ) 12th August 2010 recap

Resistance 1094-1097

Support 1062-67.

Trend guide 1078.

S&P Weekly and daily range.

My ideal pattern was a rise upwards from yesterday’s lows @ 1074-78 and swing into resistance levels (1 day counter trend move) and then a continuation lower either today or from Friday (higher daily open) to complete the break and extend pattern into the Daily and Weekly lows.

Instead Thursday remained range bound without reaching support or resistance levels with the price action moving double R8.5 points on the upside and double R8.5 points on the downside

SPI Daily 12th August 2010 recap

Thursday breakout and resistance @ 4381

Support:- Weekly lows 4330.

1 day counter-trend move is back towards the Weekly 50% level, but that might not happen during the day session as price will probably struggle to trade above today's resistance (4381)

SPI Weekly and daily range

Lower daily open and swing back into resistance @ 4381....

saw the rest of Thursday remain in a breakout pattern, but a failure to continue down into support levels @ 4330

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  • S&P (e-mini ) 11th August 2010 recap

    Tuesdays' close below the daily 50% level and below 1116, the trend bias is to move lower.

    S&P Weekly and Daily range

    At the start of this week I was bullish for the first 2 days based on last Friday’s lows and the expectation of the trend moving towards the Weekly highs.

    As noted over the past 2-days, the channel (blue) wasn't going to allow the S&P to trend upwards, and this saw price remain range bound on Monday and Tuesday between the channels

    However, the bearish pattern appeared during globex hours and the Daily close below 1112-1116.

    This pattern had a minimum move towards Wednesday lows @ 1103, (random support: - 1099)

    Which then resulted in a breakout and extension down into a lower Daily close.

    I'd look for a minor counter-trend move upwards (1 -day) but whether price moves above 1099 again during August is another matter.

    SPI Daily 11th August 2010 Daily recap

    With the first 2 days struggling to rise higher than now looks like this week is
    starting drift lower. (Lower Weekly close by Friday)

    Below 4516 bearish

    Support 4476 (Wednesday)

    SPI Weekly and Daily range

    With Yesterday’s daily close below 4516 the bias was to move down into support levels on Wednesday @ 4476

    Either 4476 was going to play a supporting role and remain in a choppy sideways pattern, or it was going to breakout and continue down.

    A breakout of 4476 is seen as bearish, as price is rotating down from 4565 (August levels) and now also below the August 50% levels.

    At this stage trend bias is to continue towards 4375 in the short-term, and possibly towards 4330 (3-Week lows)

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  • S&P (e-mini ) 10th August 2010 recap

    Trend bias upwards for the first 2-days this week, however the channels on Tuesday aren’t allowing for the market to move towards the Weekly highs.

    Below 1116 and support @ 1110-1112.

    S&P Weekly and Daily range.

    Tuesday moved down into support levels and then rotated back towards the highs and into another consolidation pattern.

    My view this week was a continuation of the trend upwards in the first 2 days towards the Weekly highs, however the first two days have consolidated into a ‘choppy’ pattern.

    Based on the price action in the first two days, the next 3 days could end up very similar

    SPI Daily 10th August 2010 recap

    Trend bias is to continue higher this week.

    Support 4547

    If below market moving back down 42 points.

    SPI Weekly and Daily range.

    August levels @ 4565 continue to resist the trend from rising up towards the Weekly highs @ 4606.

    I wasn’t expecting a down day today because of the levels in the daily range, as it didn’t provide ‘short’ and hold trade based on the filters

    However, once price was trading below 4547 the bias was to continue down 42 points.

    Trend remains above the higher timeframe 50% levels, but that can quickly change.

    S&P (e-mini ) 9th August 2010 recap

    Trend bias is towards the Weekly highs @ 1137 (S&P)

    Monday’s daily high might not allow the move into the Weekly highs, but I have the view that price is rising upwards this week, as long as it remains above 1116

    S&P Weekly and daily range

    Tight trading day with an upward bias (above 1116) until Mondays highs

    SPI Daily 9th August 2010 recap

    The expectation is to continue up towards this week's highs @ 4606 & 4672.

    As long as price remains above 4512

    Random resistance @ 4556

    SPI Weekly and daily range

    SPI opened below 4512 and pushed down but quickly moved back above the key levels and continued into a higher daily close.

    Random resistance @ 4556 failed to resist the trend from rising today....

    however there is a larger trend pushing markets upwards this week based on the similar pattern as last week in the S&P 500

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