Index, Forex, Stocks, Commodities 28th MAY 2011 Weekly

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

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DOW and S&P Index Futures

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US Dollar INDEX, AUD/USD, EUR/USD

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    • Posted by

    S&P (E-minis) 27th May 2011 Recap

    The S&P is following a similar pattern as last week, and rising towards the Weekly 50% level @ 1341.25

    Trailing support 1320-1324.50



    S&P Weekly and Daily range

    Thursday's daily close above the MAY 50% level @ 1324.50 set-up further gains in the S&P 500...

    however, that lasted only until the daily highs on Friday (8.5 points)


    Weekly Report out later


    Posted by

    SPI Daily 27th MAY 2011 recap

    The critical level in the SPI today is going to be 4674

    A higher daily open and trading below could see the SPI come back down 4648 Weekly lows (Support)

    Above and it’s looking for a move back towards the Weekly level @ 4703 (first target 4693)



    SPI Weekly and Daily range.

    Early sell down from 4674, (21 points)….

    But then it closed above 4676, with the first target reached @ 4693 (42 point range)…

    And then 4674 became a support zone in late trading (21 points)

    Any further gains will depend on whether the S&P 500 continues upwards on Friday (above 1324.50), and the SPI opens higher on Monday…









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    • Posted by

    S&P (E-minis) 26th May 2011 Recap

    resistance 1322:- Below the Monthly and Daily 50% level, Thursday moves down with the first target @ 1312...

    if the market moves down into 1312 and then moves up towards 1323/24, then there is more reason for a late move upwards and a continuation on Friday towards the daily highs.

    S&P Weekly and Daily

    Early resistance from the daily 50% level saw the market move down into a low @ 1312.50.

    Which then saw a late rise and daily close above key resistance levels @ 1324.50.

    Based on the current price action, it looks like Friday will try and continue towards higher highs










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    • Posted by

    SPI Daily 26th MAY 2011 recap

    the key level today is 4624, with matching spiral filter

    if below it's moving back down into 4583 (random support & target)

    above and the market can rise upwards and into the resistance levels @ 4648/50



    SPI Weekly and Daily range.

    Market rose up from 4624 and hit resistance @ 4648, matching Weekly and Daily levels, but late buying saw the market above those levels.....

    Whilst the SPI was trading below the Weekly timeframe (4648) I had the expectation that it was trying to move towards the MAY lows.

    Overnight, the S&P didn't continue with the Weekly break, instead it rotated
    back towards the MAY 50% level @ 1324.50 and stalled.

    Therefore it hasn't closed above key levels on Wednesday to help validate
    more strength in the short-term:- towards the Weekly 50% level @ 1341.50

    That can obviously change overnight, and that's going to determine whether the SPI continues higher.

    Whilst the SPI is above 4648, the trend bias can continue up towards the Weekly level @ 4703, and as high as the Weekly 50% level @ 4765.








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    • Posted by

    S&P (E-minis) 25th May 2011 Recap

    S&P has broken the Weekly lows on Tuesday, this often favours more weakness this week.

    However, the S&P continues to trade above the Yearly highs @ 1301, which could form a support level on Wednesday

    Resistance @ 1310.75



    S&P Weekly and daily range...

    if the S&P was going to continue lower, then it wouldn't have moved above the Weekly lows @ 1310.75, and it would have extended down into Wednesday's lows.

    But it did neither, instead moving back into the MAY 50% level @ 1324.50 and stalling once again (8.5 points), as it remains above the Yearly highs @ 1301

    Wednesday's price action hasn't close above key levels in the Weekly and Monthly timeframe (1320-1325) that will help validate further strength towards the Weekly 50% level.





    Posted by

    SPI Daily 25th MAY 2011 recap

    Today's trading is based on whether the trend continues towards the Wednesday's lows @ 4580/82, as part of the break and extend pattern.

    Trend guide 4624

    Resistance # 4645


    SPI Weekly (day session) and Daily range

    The Trend continues down into Wednesday’s lows… and is likely to continue lower, as the S&P 500 breaks support on Tuesday.

    Trend suggests more weakness towards the MAY lows @ 4492/4501





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    • Posted by

    S&P (E-minis) 24th May 2011 Recap

    continues up from Monday's towards the daily 50% level:- resistance 1324.50

    and a similar pattern as last week, dips down into Tuesday’s lows (random support @ 1307.50)





    S&P Weekly and Daily range

    This is a similar pattern in the S&P as last Monday...

    Support Monday’s lows with matching Weekly levels, but Tuesday has once again followed the trend towards the daily lows.


    However, the last time it found support on Tuesday and closed higher, and then moved up towards the Weekly 50% level over the following 2-days.


    This time the S&P has failed to swing up to close back above the key levels @ 1320-1324.50, but it continues to remain above the Weekly lows.

    This is the last week of the month of MAY, and there is still the possibility that the trend can break the Weekly lows.
    Posted by

    SPI Daily 24th MAY 2011 recap

    Early trend guide is 4621...

    Above and it’s closing the gap @ 4647

    Support 4601.




    SPI Weekly and Daily range


    Early rise up from 4721 saw the market hit resistance @ 4647 resulting in a move down into 4601, which then provided support (42 points), but closing below the Weekly lows @ 4632

    This is the last week of MAY, and after last week’s rejection of the MAY 50% level, the current trend has the potential to continue down towards the MAY lows if the S&P fails to hold support at it’s own Weekly lows @ 1310.75








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    • Posted by

    S&P (e-mini ) 23rd MAY 2011 Daily recap

    Remains above the Daily and Weekly lows @ 1310-1313 and swings up towards the Weekly 50% level @ 1341 by Tuesday (first target @ 1329)



    S&P Weekly and Daily range.


    Monday moved down into support levels, resulting in a 8.5 point rise, but a failure to close back above the Weekly level @ 1320, which is also below the MAY 50% level @ 1324.50

    The previous week had seen a close below the Yearly level @ 1331, which has put selling pressure on the upward trend early this week, as seen with Monday’s move down into a double Weekly low pattern @ 1310.75

    The support using the double weekly low pattern could see the S&P remain within the Weekly levels until the start of June.

    However, Monday’s failure to close above 1320-1324 could be the start of something, because a daily close below the Weekly lows @ 1310.75 could see more weakness into the start of June.







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    • Posted by

    SPI Daily 23rd MAY 2011 recap

    Trend guide 4703

    This week's trading is based on whether the last week moves down into the Weekly lows...

    or it rises up in the last week of MAY, and then towards the single monthly highs in June.


    SPI Weekly and Daily range…

    Monday opened below the Weekly level @ 4703 and continue down into the daily lows @ 4659, without any buying support around those lows.

    The current price action suggests that the last week of MAY is trying to move towards lower lows, whilst it remains below 4703

    And that will be determined by the price action in the S&P overnight






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    • Posted by
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