Index, Forex, Stocks 19 March 2011 Weekly

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    • Posted by

    S&P (e-mini ) 18th March 2011 Daily recap

    "Friday's trading is based on whether the market remains below the resistance levels, or continues to swing back towards 1300 and the Yearly highs.

    There is a Weekly breakout, and I would look for a continuation down towards the Weekly lows (next week)

    Resistance 1290"



    S&P Weekly and daily range.

    S&P has remained below the breakout lows.

    My view is that the S&P will continue back down towards the lows next week.

    However, if above the Weekly level @ 1271.50…

    There is a possible swing back towards the Weekly 50% level, which matches the yearly highs @ 1300



    Posted by

    SPI 18th March 2011 Daily recap

    Friday's trading is about whether the Market remains below the higher timeframe levels, or continues up towards 4631, and then higher into next week's levels.

    Trend guide 4582



    SPI Weekly and daily range

    Today was the first day that the daily channel highs @ 4572 caught up with the current price action.

    Once above the channel highs, and also above the March lows @ 4590….

    Friday’s first target was 4631, however it has continue to trend towards Friday’s highs @ 4667, as part of a swing back towards next week’s 50% level.

    Current price action suggests that the swing will move back towards retesting last week’s breakout, matched with the Weekly 50% level.



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    • Posted by

    S&P (e-mini ) 17th March 2011 Daily recap

    Resistance 1272

    Expectation that the breakout from the Weekly lows is moving down towards a first target of 1229.75 this week.




    S&P Weekly and Daily range.

    Early resistance @ 1272 providing a 8.5 point reversal, but a failure to continue down into the lows.

    Thursday’s choppy trading of 8.5 point rotations has resulted in an inside day.

    Because of the breakout pattern, I still have the view that the S&P is trying to move down towards 1229.75



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    • Posted by

    SPI 17th March 2011 Daily recap

    Trend guide 4538

    Larger timeframe patterns could see the market continue to remain range bound between the higher timeframe levels of 4442 and 4565



    SPI Weekly and Daily range.

    Same pattern was yesterday, with the closing price @ 11.20am setting the trend bias for most of the day until it hits the higher timeframe resistance levels @ 4565

    The Market is consolidating between the two higher timeframe levels, whilst the S&P tries to complete the first downside target @ 1230.




    Posted by

    S&P (e-mini ) 16th March 2011 Daily recap.

    "Expectation that the trend will continue down from the resistance levels @ 1281-83 (breakout of the Weekly range) and move down into Wednesday’s lows @ 1255, and as far as the March lows @ 1230"

    S&P Weekly and Daily range

    S&P continues down from the daily 50% level into Wednesday’s lows.

    Expectation that the trend is moving towards 1230 this week (minimum move).

    There is a breakout of the weekly lows, therefore the trend is based on following the break and extend pattern into next week’s lows.

    Which could see the S&P down around 1202-1210, as per weekly report




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    • Posted by

    SPI Daily 16th March 2011 recap

    TREND GUIDE 4536



    SPI Weekly and Daily range.

    Market is current trading in between two higher timeframe patterns of 4442 & 4565.

    Today’s trading was simply based on the daily range, without looking at the higher timeframe levels using 4536 as the trend guide

    Either the market was going to push upwards from 4536, or remain flat once again and move towards Wednesday’s lows

    "For those who have the spiral filter, trade on the side of the pink, as it is providing robust intra-day patterns during the current volatility"

    Last day of March futures contracts, and the June contracts are currently trading @ 4583, above the key support levels in the market.

    However, the S&P is currently below key support levels, with an expectation that the trend is trying to continue lower

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    • Posted by

    S&P (e-mini ) 15th March 2011 Daily recap.

    S&P has broken support @ 1281-1283, which then forms resistance on the way down.



    S&P Weekly and Daily range.

    S&P broke support during Globex hours on Tuesday and continued down into the daily lows.

    This saw the market swing back towards the breakout, as part of a retest during the day.

    The March Contracts moved up into the 5-day 50% levels, whereas the June contracts hit 1283 and stalled.

    Based on the current price action I have only 1 conclusion, and that is for the S&P to continue down as described in the weekly report.




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    • Posted by

    SPI Daily 15th March 2011 recap

    Market is currently supported, and I'm looking for a swing up towards the Weekly levels

    Target today 4651 (as high as 4675)

    Trend guide 4594.



    SPI Weekly and Daily range

    My view was that the SPI would rise upwards from 4565 (yesterday’s lows) and retest last week's breakout, but then move back down into April's lows, as per weekly report

    Today's trend guide @ 4594 was the support level, but that failed after rising
    21 points, and now the market has continued down into Tuesdays' lows, and likely to continue down towards 4442 (Yearly 50% level).

    The Upswing from 4565 was dependant on the S&P 500 holding support, but support failed during globex hours today sending the S&P lower and the SPI followed.

    Whilst the S&P is below those support levels, my view is that the trend will continue down towards the MARCH lows, as part of a larger reversal pattern.

    The SPI is now heading down into the lower level @ 4442, as per Weekly report, however if the S&P continues down into 1210, the SPI is likely to push through that level and ‘spike’ lower towards 4331

    If that occurs, then 4331 is seen as a support zone, for a swing back towards the April 50% level, which is then seen as resistance zone at the start of the following month.

    Note:- At this stage traders should treat the Aussie market as a reversal trend during the 3rd month of the quarter that is extending down towards lower lows in April.



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    • Posted by

    S&P (e-mini ) 14th March 2011 Daily recap.

    Support 1295:- 8.5 to 14 points.

    The market is either going to rise up from 1295 and move back towards the Weekly 50% level…

    Or continue down towards the lower weekly levels @ 1287



    S&P Weekly and Daily range.

    S&P moved down into 1295 providing a 8.5 move upwards, which then failed at the daily 50% level.

    This pushed the S&P back down into the Weekly level @ 1287, which then provided another swing upwards



    Posted by

    SPI Daily 14th March 2011 recap

    Resistance @ 4651

    Support @ 4565 & 4594


    SPI Weekly and Daily range.

    As noted in the morning report….

    "There is a breakout of Friday's lows @ 4654, which can often extend lower the next day"

    Therefore if the market moved upwards in early trading, 4651 was seen as resistance for a push down towards the lows.

    Instead the SPI moved downward in early, reaching the Quarterly 50% level @ 4565, which is seen as a robust support zone, as per Weekly report

    We also have the completion of the weekly breakout from 4772 down into this week’s lows @ 4582 :- break and extend pattern

    Once support was validated and the market started trading above 4590-94, the swing pattern upwards was to close Friday’s Gap @ 4630, and then try and continue towards 4651

    And as per Weekly report, my view is for the market to swing upwards from these higher timeframe support levels and retest last week’s breakout.




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