Index, Forex & Stocks 27th November 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, TLS, and Banking Report Update

S&P (e-mini ) 26th November 2010 Recap

Below 1199 (daily channel highs and Weekly 50% level)

Trend bias is down towards a lower Friday close

S&P Weekly and daily range.

Early selling from Friday’s higher open resulted in a lower Friday close…

Helped by the 8.5 spiral top and matching daily 50% level @ 1193

Current price action suggests the S&P is consolidating around 1182 until the start of December

SPI Daily 26th November 2010 recap

Trend guide in the first 90 minutes is based on 4611.

If it fails to remain above that level after 11:20am, then the view is that the market is drifting down towards 4582.

Resistance 4629

SPI Weekly and Daily range.

Today is the 4th time in the past 6 trading sessions that the same pattern has played out.

Early rise upwards, but then there's a reversal pattern and lower close using the levels in the daily range…

However, this time the reversal pattern down didn’t play out until late in the day, but the target @ 4582 failed to reach, as the Weekly lows @ 4593 continue to support the market

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  • SPI Daily 25th November 2010 recap

    We have the same pattern as last Friday and Monday.

    The first 90 minutes pushes upwards and then selling comes in from 11:20.

    Downside 4595 and Random support

    resistance 4624-27

    SPI Weekly and Daily range

    In Yesterday's afternoon  Premium report I mentioned that the SPI can swing back towards Tuesday's breakout @ 4621-25

    And today's higher open matched that but the reversal down wasn’t validated until after 11:20 using 4516 as resistance.

    Exit zone was 4595, which is also above the 3-week lows @ 4593

    After yesterday’s lows at major support I have the view that the SPI is moving upwards, with a swing towards the 5-day highs @ 4688.

    However, my gut feeling today was using resistance and a move down towards @ 4595, as today's price action was retesting the breakout from Tuesday, which can often form resistance.

    There will be no leads from the US markets overnight because of Thanksgiving, therefore further gains towards 4688 can’t happen until tomorrow at the earliest.

    Below 4593 and the market moves into a lower Weekly close around higher timeframe support levels

    S&P (e-mini ) 24 November 2010 Recap

    At this stage the market can continue to remain below the channel
    lows and the 5-day 50% level and move towards the Daily lows once again.

    Support Weekly and Daily lows @ 1171.

    S&P Weekly and Daily range.

    I was looking for the S&P to continue down into the Daily and Weekly lows before a swing upwards.

    Instead the Weekly level @ 1178.75 continues to support the S&P 500 resulting in a daily close above the 50% levels in the daily range on Wednesday.

    Note:- S&P continues to consolidate around 1182, which is the trend guide and critical support level for the 4th Quarter, As per Weekly report

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  • SPI Daily 24 November 2010 recap

    Support:- 4548-52

    Target 4585-88 (resistance)

    SPI may remain below the 3-week lows @ 4593

    SPI Weekly and Daily range

    SPI is down into major support levels, as per weekly report.

    Today opened on support in the daily range @ 4552 and proceeded to fill the gap to Wednesday's breakout at 4585.

    There is also a breakout of the weekly lows @ 4593, which could result in the next 3-days consolidating around major support levels, today being the first...

    As mentioned a couple of weeks ago, the up trend won't normally happen until the last week of the current month (next week) and December pushes up from the December 50% levels.

    Up trend will be helped by the following week rising up from major support & trading above the higher step & 50% level in December.

    Otherwise if Support doesn't hold the trend bias is down for the start of 2011, as per recent Weekly report.

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  • S&P (e-mini ) 23 November 2010 Recap

    Whilst the market remains below the Weekly 50% level @ 1198 price can visit the weekly lows (3-day sell cycle)

    But the S&P needs to be trading below the daily 50% level @ 1190

    S&P Weekly and Daily range

    S&P moved down during globex hours and began trading below 1190 once the cash market opened...

    pushing the trend down into the Daily lows and random support

    SPI Daily 23rd November 2010 recap

    My view is that for the Aussie market to move higher I would like to see the monthly support levels @ 4571-4582 be tested this week

    Trend guide 4645

    Random support Daily lows

                                                                       SPI Weekly and Daily range

    Resistance around the trend guide in early trading @ 4645 had a bias to move down to at least 4626 and the next pink filter.

    After that it became a random pattern due to the probability of support around Tuesday’s lows, or whether the trend continues down into major support levels, as shown in the Weekly report.

    It starts to get interesting from tomrrow...

    S&P (e-mini ) 22nd November 2010 Recap

    1206 is the 3-day cycle high, which can often result in resistance:- support 1194

                                                        S&P Weekly and Daily range

    The 3-day cycle @ 1206 pushed the market down  but the channel highs and 1194 failed to support the market on Monday.

    Further weakness on Monday towards the Channel lows and more consolidation.

    SPI Daily 22nd November 2010 recap

    "If the market opens higher today and moves up into resistance levels @ 4678-82 early, then I'll be looking for a move back down towards 4642

    Same pattern as Friday"

                                                                           SPI Weekly and Daily range.

    Same pattern as Friday with an initial move upwards in early trading, but then sellers appearing after 11:20, as the market hits dynamic resistance zones on Monday

    Downside target was 4642

    With an intra-day exit zone @ 4651 as per intra-day reports.