Index, Forex, Stocks 26 March 2011 Weekly

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S&P (e-mini ) 25th March 2011 Daily


Thursday's price action is likely to continue towards the Weekly highs next week

Support 1299-1301



S&P Weekly and daily range

Small range day of 8.5 points without moving down into Friday’s support levels, or moving as high as Friday's daily top (random resistance).



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    • Posted by

    SPI Daily 25th March 2011 recap

    Today’s trading should be based on whether the market hits the Friday’s highs @ 4748 and begins a 2-day reversal

    or whether the trend continues up towards 4772.



    SPI Weekly and Daily range

    Today's higher open completed the swing into the Weekly 50% level and remained above it, pushing upwards into 4772.

    As pointed out in the Weekly report, I would treat this reversal pattern as hitting resistance and then continuing lower, towards a double monthly low pattern April.

    The current price action is a retest of last week’s breakout of the Weekly lows @ 4772 and also the Monthly 50% level.

    However, the price action in the S&P 500 on Thursday (last night) suggests more gains towards the Weekly highs @ 1328, and if that happens it's going to drag the Australian market higher in the short-term.....



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    • Posted by

    S&P (e-mini ) 24th March 2011 recap.

    My focus is on the S&P and the yearly highs @ 1299-1301 forming resistance, and moving down over the next 2-weeks.

    However, the DOW is showing short-term bullish signs with yesterday’s close above the Weekly 50% level



    S&P Weekly and Daily

    The sell-pattern set-up was for Thursday to hit the daily highs and Weekly 50% level @ 1299-1301 and sell down.

    This pattern started with an 8.5 reversal, but it then should have continued down towards 1271.50 by today’s close.

    Instead it moved down 8.5 points, finding support above the 1293, which was my resistance level for the past 3-days, and once the market started to trade above 1301 it was going to follow with more gains:- fake break

    S&P has followed the 'fake break pattern' of last week’s lows with today’s move above 1300 and breakout of Thursday’s highs.

    This would normally see the trend continue back towards the Weekly highs



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    • Posted by

    SPI Daily 24th March 2011 recap

    My view is that the trend is trying to continue towards the Weekly 50% level @ 4740 (follow the daily highs)

    Trend guide 4686/92

    SPI Weekly and Daily range.

    At the start of the day I didn’t know whether Thursday would remain flat and below 4692, or whether it was going to continue with this week’s reversal towards the Weekly 50% level.

    After a 30 minute churn the trend followed the daily range upwards, as the market pushed upwards from 4692

    How far the trend continues (4740 or 4772) will depend on the price action in the S&P overnight.



    Posted by

    S&P (e-mini ) 23rd March 2011 recap.

    There are two resistance levels in the S&P 1293 & 1300



    S&P Weekly and Daily range

    The S&P continues to consolidate below 1293 without moving lower.

    This leads me to think that there will be a push upwards into the 3rd and final resistance zone @ 1300.

    As per the Weekly report, my view is that the S&P will continue lower during the current month, or at the start of April.

    I’ll know if I’m wrong in the short-term if Thursday breaks out above the 5-day highs



    Posted by

    SPI Daily 23rd March 2011 recap

    Support 4646-4660

    Trend bias is to continue higher, however based on the filter price action can push down into support levels.





    SPI Weekly and Daily range

    Wednesday remains range bound within the daily levels without following the market dynamics of higher highs towards 4729.

    Whilst the market remains above 4646 the expectation is that the trend is moving towards 4740.

    However, as shown in the Monthly charts in the Weekly report, the current price action is occurring below the March lows @ 4696. This is currently forming resistance, and may continue to do so over the next few days until the start of April and the 2nd Quarter.


    Whilst the S&P remains below the higher timeframe resistance levels of 1293-1300




    SPI & S&P monthly ranges.

    The SPI is currently supported above the Quarterly 50% level @ 4565.

    However, it is trading below the March low, which it has hit this week and stalled.

    What we also notice is the S&P swing upwards and retesting the MARCH 50% level, and currently being rejected down.

    In conclusion:- currently there has been a minor swing upwards over the past 5-days, but my view has always been that there is a potential 2nd selling pattern occurring from April, or down towards lower lows at the start of April

    Both markets currently remain in a secondary bearish cycle.




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    • Posted by

    S&P (e-mini ) 22nd March 2011 recap.

    Resistance level @ 1293 with the expectation that a 8.5 point reversal back down is taking place (R8.5 is @ 1287.75)

    Random support @ 1283.50



    S&P Weekly and Daily range

    As noted on Monday, I have 3 resistance zones this week, 1283, 1293, & 1300

    The first failed on Monday, but the 2nd resistance @ 1293 hasprovided the initial 8.5 point reversal, which was the entire range for Tuesday.

    However, unless the market continues down or is trading below the weekly level @ 1271.50, there is a chance that price rises upwards and hits the 3rd resistance level this week.

    The point of trading these resistance levels is, because I believe the market will continue down, as per Weekly report.



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    • Posted by

    SPI Daily 22nd March 2011 recap

    Today’s trading is based on Tuesday's High @ 4696 (resistance) and the brown filter @ 4660.(random support)



    SPI Weekly and Daily range.

    Even though I have the view that the SPI is headed higher in the short-term (weekly 50% level)….

    there was more reason for the market to stall around the 5-day highs @ 4696 and fill the gap down into 4660 (trailing support)

    The trend can continue higher tomorrow, as the market dynamics shifts higher on Wednesday, but that will depend on the price action in the S&P 500 overnight



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    • Posted by

    S&P (e-mini ) 21st March 2011 Daily recap.

    Whilst the market remains above the Weekly level @ 1271.50, there is still the possibility that the S&P retests the Yearly highs @ 1300, matched with the Weekly 50% level

    Trend guide 1283.


    S&P Weekly and Daily range…

    There were 2 resistance levels in the S&P on Monday:- 1283 and 1293.

    The first resistance level @ 1283 had an expectation that price would move back down (8.5 points) and retest the daily 50% level and Weekly level.

    That failed, with the trend moving upwards and hitting the next resistance level @ 1293, matched with Monday’s highs.

    Once again, that level failed to provide a 8.5 reversal pattern during cash market hours, but may do so during globex trading hours.



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    • Posted by

    SPI Daily 21st March 2011 recap

    My view is that the SPI is rising up towards the Weekly 50% level, as per Weekly report...

    However, Monday could remain range bound between levels in the daily range 4606 (support) and 4653 (resistance)



    SPI Weekly and Daily range

    Early resistance in the SPI, but a failure to continue down into support levels.

    Even though my view is that the SPI is rising upwards this week, today’s preferred pattern was to move down into support levels, and then rise upwards.


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