Index, Forex, Stocks, Commodities 21st MAY 2011 Weekly

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

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US Dollar INDEX, AUD/USD, EUR/USD

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Posted by

S&P (E-minis) 20th May 2011 Recap

Support @ 1337

Resistance 1346-49




S&P Weekly and Daily range...

After Thursday's failure to close above the Weekly 50% level, Friday was likely to remain choppy

However, the trend didn't move up into resistance levels from 1337...

Instead it remained choppy, with support @ 1337 forming resistance for a lower daily close.


Weekly report out later









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    • Posted by

    SPI Daily 20th MAY 2011 recap

    Today's trading is going to be defined by the Weekly level @ 4738

    Either the market continues towards Friday's highs, based on Thursday's breakout and extension into Friday's highs...

    or the MAY 50% level @ 4774 pushes the SPI down towards the previous level @ 4689,
    resulting in Friday closing in the middle of the 5-day range




    SPI Weekly and Daily range

    The SPI remained within a tight trading range without moving down or up....

    After yesterday's price action, there was a possibility that Friday could move down into 4689 (84 points from last night's highs) and then close back around 4738..

    However, it didn't break support @ 11:20, instead it found support and consolidated.

    Weekly report out tomorrow








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    • Posted by

    S&P (E-minis) 19th May 2011 Recap

    There are two possible patterns for Thursday using 1335 as support

    #A) Continues up into the Weekly 50% level and stalls:- random resistance @ 1346/48, which pushes the S&P back down 8.5 points into the Support levels @ 1335


    #B) moves down into support levels, and then continues towards Thursday's highs, and possibly higher by Friday.



    S&P Weekly and daily range

    S&P remained within a 8.5 range using support, but a failure to continue above the Weekly 50% level.

    Whilst the S&P continues to remain above 1324.50 the upward trend remains stable.

    Therefore, we have a potential trend towards the Weekly highs over the next 2-days

    or

    we could also have a flat 2-day pattern below the Weekly 50& level...

    And based on Thursday's trading, it looks like a flat 2-day pattern





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    • Posted by

    SPI Daily 19th MAY 2011 recap

    SPI moving towards the Weekly level @ 4738.... and could continue towards the MAY 50% level @ 4774, & then the Weekly 50% level @ 4805 by Friday.

    However, for that to happen it will need to breakout of Thursday's highs and be trading above 4738.



    SPI Weekly and 5-day range

    Breakout pattern on Thursday (4731) should continue with a break and extend pattern towards Friday's highs.

    First target reached :- MAY 50% level

    Any further gains in the SPI will be influenced by price action in the S&P overnight..

    If Friday opens below 4738 after testing the MAY 50% level, then Friday could move towards the lows once again....

    but it's more likely to close around the middle of the 5-day range on Friday







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    • Posted by

    S&P (E-minis) 18th May 2011 Recap

    whilst above the MAY 50% level, the trend bias is up

    Support 1324.50


    #1) continues up from the blue channels towards the Weekly 50% levels
    (random resistance blue channel highs)




    S&P Weekly and Daily range

    Monthly 50% level and Weekly lows continue to support the trend in MAY....

    and it's likely to continue up on Thursday towards the Weekly 50% level @ 1346+





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    • Posted by

    SPI Daily 18th MAY 2011 recap

    my view is that the SPI will move upwards today, however, I'm not sure whether the market will continue higher than 4711-14 today.

    Trend guide 4679



    SPI Weekly and Daily range...

    Early rise up from 4679, with a completion into resistance levels @ 4711-14.

    Resulting another consolidating trading day with little range movement

    The price action in US markets suggests that the trend can rise upwards, as the market swings back towards the Weekly level @ 4738....


    but Wednesday's levels wouoldn't allow it. (less probability)








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    • Posted by

    S&P (E-minis) 17th May 2011 Recap

    Monday was the first daily close below 1331 since the first Quarter (1331 has acted as resistance during the first Quarter)

    Resistance @ 1329-1331

    Random Support Tuesday's lows.

    S&P Weekly and Daily range.

    Early rise up from Monday's lows, but 1331 acted as resistance pushing the S&P down into Tuesday's lows:- random support 8.5 points

    As mentioned in Yesterday's recap, the DOW was also trailing that same reversal pattern, which aligned on Tuesday (MAY 50% level & Weekly lows @ 12365)


    Both markets have now played out the same reversal patterns, finding support at their Weekly lows

    However, the critical level in the S&P 500 remains 1331, as Tuesday's support failed to close above 1331, as yet.





    Posted by

    SPI Daily 17th MAY 2011 recap

    Trend guide 4658

    either it's going to move down into Tuesday's lows @ 4633

    or follow a swing back towards 4679, and as high as 4705,
    based on the Quarterly 50% levl @ 4649 forming support

    SPI Weekly and Daily range


    Early rise upwards from 4650 hitting the first level @ 4679, which resulted in a 21 point reversal back down into the trend guide @ 4658 (24 hour level not shown)...

    4658 then formed support, which saw Tuesday rise up towards 4705...

     and could possibly continue towards the Weekly level @ 4738, depending on the price action in the S&P 500 overnight.





    Posted by

    S&P (E-minis) 16th May 2011 Recap

    I favour some support around 1325 (8.5 points), and then for price to continue up towards the Weekly 50% level @ 1346 over the next 2-DAYS (Tuesday)

    don't trade longs below 1320

    S&P Weekly and Daily range

    S&P rallied early on Monday 8.5 to 14 points, but sadly it didn't reach the entry level @ 1325...

    And Monday has now closed on it's daily lows.

    The Weekly lows have once again moved upwards to align with support levels in the S&P500 (1324.50)

    However, we must acknowledge that a daily close below 1320 (globex) will put pressure on the S&P to move down into 1300.

    Both the DOW and S&P aren't aligned, and if you recall back in MARCH, the S&P broke the 3-week support levels, whilst the DOW simply moved down into the 3-week lows, and then continued upwards.

    Those Weekly lows in the DOW are @ 12365/75 (another 100 points lower)









    Posted by

    SPI Daily 16th MAY 2011

    Trend guide 4670

    Trend bias is to continue down into Monday's lows @ 4645, which matches the spiral low @ 4645

    Resistance 4691

     

    SPI Weekly and Daily range


    Looking for a completion of this downward leg @ 4645, and down into Monday’s lows.

    Instead it remained below 4670 in a tight 21 point range.









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