Index, Forex & Stocks 11th Sept 2010 Weekly

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Australian Index (SPI) Futures

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Note: Weekly BHP, RIO, and Banking Report Update




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

My view is for the trend to continue higher and  follow the weekly highs by Friday:- S&P trading above 1098.50

for that to happen the S&P 500 needs to start trading above 1104.75



S&P Weekly and Daily range.

Friday has moved higher but not as highs as expected.

The expectation was to move towards the highs by Friday and then continue towards the monthly highs next week






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SPI Daily 10th September 2010 recap

SPI has reached the September highs @ 4628. This can act as resistance.

Trend guide 4598-4602

Today is either going to continue higher or it’s going to drop back down into 4572.

Keep an eye on 90 minutes timeframes around lower levels.




SPI Weekly and Daily range

Today was either going to continue higher...(above 4602)

Or it was going to follow the resistance patterns in the timeframes and reverse down.

Once price had moved down 42 points it resulted in price trading below 4572, and then confirmed on 90-minute timeframe closure for further weakness into the close







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

Wednesday has closed above 1094.50.

Trend guide 1094.50- 1096.50

No probability on whether there’s a breakout out of the highs or it provides resistance.



S&P Weekly and Daily range.

Expectation that Thursday would continue higher, helped by the daily 50% level and price trading back above 1094.50.

However, once it reached the daily highs it was an each way bet on whether there would be resistance or continue towards the Weekly highs.

The end result was minor resistance within a trend that’s trying to move higher this week




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SPI Daily 9th September 2010 recap

Based on current patterns the expectation remains that price is moving up towards the Monthly and Weekly highs:- 4626 to 4654

Trend guide & support 4565

Random resistance 4589-91



SPI Weekly and Daily range

This week has seen a minor reversal pattern into trailing support levels
in both the Weekly and daily ranges:- 4526-4530

Trend bias is to continue towards the Monthly and Weekly highs:- 4628-54

Today:- Whilst price remains above 4565 in the daily range the
short-term trend is up and hitting the daily highs @ 4589

Daily highs @ 4589, may or may not have acted as resistance today, but in the end it provided a 21 point reversal down and then more buying support.






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S&P (e-mini ) 8th September 2010 recap

Trend guide @ 1096.50

Based on current patterns my view is to move back down into the Daily lows.



S&P Weekly and Daily range.

With price trading below 1094.50 and outside the channels in the daily range @ 1096.50, I only had one view and that was to continue down into the daily lows :- support.

1096.50 provided a 4.25 resistance pattern but without the follow through.

Instead Wednesday closed above 1094.50-1096.50 and formed a support pattern.




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SPI Daily 8th September 2010 recap

Resistance 4566-72

Support 4526-31

Based on the spiral filter @ 4566 and 4572, my view is to move down towards support levels @ 4526-31


SPI Weekly and Daily range.

Early rise into resistance levels and a push down into support levels.

I would look at the current price action and think that the SPI would rise up from these support levels and begin the next leg upwards and into the September highs.

However, the patterns in S&P 500 aren't so bullish on Wednesday for the above pattern to be as reliable as on other occassions.





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

Resistance Weekly and Daily highs @ 1115

Trend guide 1100.50

Support 1087.25



S&P Weekly and Daily range.

Ideally I wanted to see the S&P move up into 1115 and hit resistance before reversing around this week

But that came early with Tuesday’s move back inside the channel @ 1100.50 and a rotation  towards the Daily 50% level.




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SPI Daily 7th September 2010 recap

Trend bias is to continue higher towards the September highs.

However, price is opening below 4598, which is seen as resistance today.




SPI Weekly and Daily range.

Market opened lower that expected and price never reached resistance levels for a robust short-trade.

Instead the market consolidated for most of the day until the % rate news came out.@ 14.30.

Today was the first time is 7 days that price had opened below the filter, therefore there was a bias to try and continue lower today towards support levels @ 4526.





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SPI Daily 6th September 2010 recap

Using the day session and spiral filter there are resistance levels @ 4588.

Trend guide using the filter @ 4577

Random support @ 4542.

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SPI Weekly and Daily range

Higher daily open aligned with Monday’s highs @ 4588 and a swift down move of
42 points towards support 4542

The rest of today has moved into a consolidating pattern, which is often
the norm after the completion of the 42-point range, and as part of
the trend bias upwards.

At this stage the Trend bias is to continue towards the Monthly and
Weekly highs.



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