Index,Forex, Stocks 25th DEC 2010 Weekly

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SPI Daily 24th December 2010 recap

The SPI is trying to complete the move into December highs @ 4823-41

Trend guide 4797.

If below pullback is into 4771 (support)



SPI Weekly and daily range.

I was expecting the break and extend pattern to continue up from Thursday’s breakout towards Friday’s highs.

However, once it started to trade below 4802 the upward bias was limited until the market moved down into the Trailing support zone @ 4771

Merry Christmas to everyone



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    • Posted by

    S&P (e-mini ) 23rd December 2010 Recap

    Yesterday I mentioned 1255 as potential resistance zone, and this level becomes today's trend guide...



    S&P Weekly and Daily range.

    1255 provided resistance on Thursday, but lacked any sustained selling, as the market remains consolidating around the upper levels of 1249-1252, waiting for the DOW to reach 11593

    As per Weekly report, my view is that the market look for a reversal pattern back towards the 3-week lows, and we can see those 3-week lows have jumped up to 1221-1224 from next week.

    If the market is going to continue higher in the first Quarter of 2011, ideally I would like to see those lows reached first and provide support.




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    • Posted by

    SPI Daily 23rd December 2010 recap

    SPI moving towards the December highs @ 4823-41.

    support levels @ 4771-75

    Random resistance @ 4794-96




    SPI Weekly and Daily range.

    Early support @ 4775 with an expected move towards Thursday’s highs as a first target @ 4794

    Those levels were random resistance, simply because of the market is trying to move towards the December highs @ 4823-41

    Breakout of Thursday's highs should continue to move upwards tomorrow, but that will depend on the price action in the S&P overnight, and where tomorrow opens.



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    • Posted by

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

    Tuesday didn't reverse down into the daily 50% level, but instead it has remained above Tuesday’s highs.

    Therefore the trend can continue towards Wednesday’s highs:- resistance 1255.




    S&P Weekly and Daily range.

    S&P has followed Wednesday’s pattern into higher highs, but once again little or no selling has appeared around these dynamic resistance levels in the 5-day pattern.

    S&P has reached the December highs, and ideally we would like to see a reversal back down into trailing support levels

    However, the DOW is still short of those highs by 100 points, and this will result in the S&P hanging around these highs coming in the Christmas break



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    • Posted by

    SPI Daily 22nd December 2010 recap

    The key levels in early trading are 4766-67

    Resistance around 4795 (daily highs on Wednesday)



    SPI Weekly and Daily range

    Expectation that 4767 would support the market and continue up towards Thursday highs @ 4795, as part of a push towards December's highs.

    Support held but the trend failed to materialise….

    As the market consolidated in a tight trading range above support



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    • Posted by

    S&P (e-mini ) 21st December 2010 Recap

    Trend bias on the S&P is to continue towards 1249- 1252

    Potential pattern is to rise up into Tuesday’s highs and rotate back down into the daily 50% level @ 1239.50



    S&P Weekly and Daily range

    Tuesday continued up into resistance levels, but failed to follow a short-term reversal pattern back down into the daily 50% level.

    S&P is now completing the break and extend pattern from the October highs @ 1174 into the December highs @ 1249.50

    DOW is following the same pattern, but slightly lagging which may result in the S&P hanging around these highs for the rest of the week.




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    • Posted by

    SPI Daily 21st December 2010 recap

    The spiral filter @ 4740 is what we need to keep an eye on

    for the market swing back towards the highs it would need to close above 4763, ideally after bouncing off 4740    .



    SPI Weekly and daily range

    We had the same pattern as the S&P:- 3-day sell cycle and trading below the Weekly level @ 4760.

    This is often a bearish pattern, however, as seen in the S&P overnight, it doesn't always play out as we expect as the market is trying to move towards the December highs.

    The SPI didn’t move down into support @ 4740, but it did close above 4760-63 to provide a push towards the highs on Tuesday:- random resistance



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    • Posted by

    S&P (e-mini ) 20th December 2010 Recap

    A change in the 3-day cycle and price trading below 1239.50 and I favour a move downward

    Resistance 1239.50.


    S&P Weekly and Daily range.

    The S&P moved up from the 5-day 50% level back into 1239.50, but it didn’t play out as expected…

    A 3-day sell cycle and trading below the Weekly level @ 1239.50 and there was only 1 set-up to trade and that was to use resistance for a move down towards the lower channels, and back towards the Weekly 50% level by Tuesday.

    However, the market moved above those levels, once again changing the short-term cycle...

    and as per Weekly report, the trend bias is to continue towards 1249-1252 this week (December highs)


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    • Posted by

    SPI Daily 20th December 2010 recap

    Trend bias remains supported above 4760, with an expectation that the trend is moving up towards the December highs,

    However, there is a Friday high pattern that often results in a 2-day reversal.

    Basically if it’s below 4760 it’s down…



    SPI Weekly and Daily range.

    Early resistance @ 4777, and once the market began to close below key levels in the daily range, the trend bias was down.

    A change in the weekly level @ 4760 and a breakout of the 5-day lows @ 4746 is a short-term bearish pattern.

    Depending on the price action in the S&P 500 overnight…

    Whilst below 4760 the trend is following the 'line of least resistance' down towards 4690 and the weekly 50% level.

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