Index, Forex & Stocks 29th 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 ) 28th October 2010 recap

1182 continues to be major resistance

However, I'm not sure that Friday is going to continue down because of the channels in the daily range.

S&P Weekly and Daily

daily channels lows supports the S&P rising 8.5 points and another consolidating trading day either side of 1177 aand the Weekly range.

SPI Daily 29th October 2010 recap

Trend guide 4673

Resistance 4706

Support 4646

SPI Weekly and Daily range

Last day of the month was either going to move upwards using 4673 as support, or it was going to push down.

Early rise from 4673 but it failed to hit resistance levels, and then once below 4673, that’s where the market stayed, as it contiued down into support levels

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

Whilst above 1178.50 the trend bias is a random pattern of 4.25 to 8.5 points.

Thursday's highs are seen as resistance 1189.50 to 1193, which may result in another consolidating trading day.

S&P Weekly and daily range.

Early rise upwards of 8.5 points but then another consolidating trading day as the market remains under the major resistance level of 1182.

I wasn’t expecting another ‘ trending down day’, because of Wednesday’s daily close back above 1177.

There is 1 day left until a shift in the October high resistance levels.

SPI Daily 28th October 2010 recap

Above 4659-62 we have a similar pattern as yesterday, however this time the trend bias is to move towards the next pink filter @ 4700.

4700 is seen as random resistance (spiral top)

SPI Weekly and Daily range.

SPI opened lower and move back into 4659-62.

This was seen as a resistance level to begin with, until the market moved above 4662..

once above the expectation was to follow the spiral pattern from 4662 to 4700.

 4700 completed then move and  price reversed down 21 points and consolidated.

1 day left until the market moves from October into November

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

"Below the 5-day 50% level @ 1179 is seen as a potential trending down day.

daily lows target"

S&P Weekly and daily range

Push downward 8.5 points from the 5-day 50% level, without precisely reaching the daily lows…

And then more consolidation.

SPI Daily 27th October 2010 recap.

Today we have a shift in the levels, as price moves from above the brown filter to below the brown filter @ 4704, which is usually associated with the market going down.

SPI Weekly and daily range

Weekly highs forming resistance this week, and a shift in the daily pattern normally sends the market lower...

as was the case today after hitting 4704 in early trading.

S&P (e-mini ) 26th October 2010 recap

"At the moment there isn't a pattern in the 5-day range that suggests the trend is continuing this stage I would focus on 4.25 to 8.5 points

Trend guide and support 1177"

S&P 500 Weekly and daily range.

S&P remains within the channels on Tuesday, providing numerous 4.25 range patterns using 1177 as support, and then a late rise upwards to complete the 8.5 point range.

SPI Daily 26th October 2010 recap

"Probable pattern:- The brown filter @ 4691-93 supports the market in early trading and moves back into 4709-712.
this will then form resistance and push the market back down"

SPI Weekly and daily range.

Market opened at resistance and pushed price down into 4691-93.

4691 being 42 points down from yesterday’s highs.

The rest of the day then moved into a consolidating pattern between the levels in the daily range.

Market remains trading around the Weekly highs,  and there is 1 week to go until a shift in the monthly dynamics from October into November.

S&P (e-mini ) 25th October 2010 recap

Daily and Weekly highs are seen as resistance

Random support the Daily channel @ 1182.50 and Weekly levels 1177


S&P Weekly and Daily range

Normally when Monday continues to trend upwards during Globex hours before the cash market opens, treat the Daily and weekly highs as resistance for a sell pattern back down into the trailing support levels.

At this stage 1182 that was acting as resistance last week, is currently supporting today’s reversal pattern

SPI Daily 25th October 2010 recap

"Monday’s Trend guide   @ 4648 :- 21 to 42 points"

SPI Weekly and Daily range

SPI rallied on open after testing 4648 and continued back into the Weekly highs, which formed resistance @ 4724-27

The Weekly highs (resistance) will now be depend on whether the S&P continues upwards, or follows a similar pattern and hits resistance (weekly highs) and reverses down on Monday.

As per Weekly report, the expectation during this Quarter is to continue towards 4900, but there is still the possibility that this week continues to consolidate.

A breakout of the 5-days highs on Monday (4700) can often push higher the next day, but once again it will depend on the price action in the S&P 500 overnight, which is already trading near its own Weekly highs before the cash market opens