Index, Forex & Stocks 9th October 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 ) 8th October 2010 recap

And after yesterday's price action, my view is that Friday should follow the trend higher

As long as it remains above 1154

S&P Weekly and Daily range

S&P pushed downward and close to the Weekly level @ 1143.75...

However, the trend bias is to continue upwards, as per Weekly report towards 1174 to 1183.

Friday ended up consolidating once back above 1154

SPI Daily 8th October 2010 recap

Support 4672-76

Resistance 4706-708

SPI Weekly and Daily range

Early push down but a failure to reach support levels by a few points.

Price moved up into resistance levels providing once again a 21 point reversal down into the close.

This week has seen most of the levels in the daily range play a support or resistance role providing traders with range movements of 21 to 42 points.

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

There are a two of possible patterns on Thursday

A. Moves up into 1163-65 and then reverses down into the daily 50% @ 1144-49

B. Moves down into the daily 50% leveland then continues towards the daily highs late in the day and then 1174 by Friday

S&P Weekly and daily.

Early resistance has seen the S&P move down into support levels.

And now Set-up B is in motion, and my view is that Friday will try and push towards higher highs

SPI Daily 7th October 2010 recap

Resistance 4710-4713

Trend guide 4689-92

SPI Weekly and Daily range

Early push down into the trend guide @ 4689-92

And then a push upwards into resistance and another consolidating day:- 21 point rotations

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

Resistance levels @ 1157 and 1163-5

Support 1144-48

                                             S&P Weekly and Daily range.

Weekly highs @ 1157 continued to resist the trend from rising but only providing a 8.5 point reversal and ‘lower daily close’

Based on Tuesday’s breakout my expectation was that price would move up into Wednesday’s highs providing a better ‘short’ trade back towards the support levels, but that didn’t eventuate.

SPI Daily 6th October 2010 recap

"SPI is opening around the Weekly high level @ 4689;- minor resistance.

Trend guide 4668

Above 4689 and the trend bias is to continue towards the Daily and Weekly highs @ 4710-13 (resistance)"

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SPI Weekly and daily range.

SPI opens and 4689 and pushes down into the trend guide @ 4668.

Once 11:20am was over and the market had closed above 4689, then trend bias was to move up into higher timeframe resistance levels @ 4710-13.

This resulted in sellers appearing around the highs and sending the SPI downward 21 points into the close.

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

"If Tuesday is back above 1143.75, then the trend bias is to continue up towards the Weekly highs @ 1157+"

S&P Weekly and daily range.

There is a monthly breakout of the September highs, therefore there’s an expectation that the trend is moving up towards the October highs.

Either Tuesday’s lows were going to provide a support level and higher daily close, as per report

Or the Weekly 50% level was going to send the S&P upwards, confirmed with price trading above 1143.75.

Currently there is resistance around the Weekly highs @ 1157.50

However, with a daily breakout of the highs on Tuesday, expectation is that price will try and continue upwards.

SPI Daily 5th October 2010 recap

"minor resistance 4631-37

Support 4572/73 (Weekly and daily lows)

My view is that the market is trying to go lower, but Tuesday can still be part of the 2nd day with upward bias

SPI Weekly and Daily range.

Early sell down into support levels and then a consolidating pattern above 4597

This resulted in a swing back towards the minor resistance levels @ 4631-37, after the interest rate news came out leaving them on hold.

Tuesday's pattern completes the 2nd day with an upward bias until it hit resistance.

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

Monday is the first time in a number of weeks that the trend is back inside the Weekly levels @ 1143.50

Whilst below 1143.50, trend bias is down towards the daily lows on Monday.

                                             S&P Weekly and daily range.

Early sell down into 1133.75, provided a 8.5 reversal back into the weekly level @ 1143.50.

And then another push down into the daily lows @ 1127.25, which then provided another 8.5 point reversal.

SPI Daily 4th October 2010 recap.

This week's trading is based on price remaining within the weekly channels.

Weekly 50% level the trend guide @ 4631

Today can rise up towards the Weekly 50% level @ 4631 and beyond, as part of a 2-day counter-trend move upwards using the Friday 5-day low support pattern

Support 4602  &  Resistance 4662 (spiral filter)

SPI Weekly and Daily range

SPI begins this week with Monday moving upwards, as part of a 2-day counter-trend move.

Early resistance @ 4631 failed to push the market down into 4602, and price continued up towards the next spiral filter @ 4662.

Resistance @ 4662 pushes the SPI back towards the Weekly 50% level @ 4631