Index, Forex, Stocks, Commodities 4th June 2011 Weekly

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

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S&P (E-minis) 3rd June 2011 Recap

Resistance 1322-25

The S&P may push down into Friday's lows:- (support 8.5 to 14 points) and then a 2-day counter-trend move upwards from next week :-



S&P Weekly and Daily range

S&P moved down into Friday's lows providing a precise 14 point 'support' pattern...

However, the failure to close above 1301 after completing the 14 point reversal pattern is a major concern....

especially when the market closes below the weekly and daily lows on Friday.


Weekly report out later.

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SPI Daily 3rd June 2011 recap

Trend guide is 4615...

I would like the SPI move down and test support levels @ 4575-81.

If the market moves down into Support levels, I would have an expectation that the market is moving into a 2-day counter-trend move upwards from next week.

Support @ 4575-81



SPI Weekly and Daily range.

There was a breakout of Thursday’s lows @ 4625, therefore there was an expectation of a break and extend pattern down into Friday’s Support levels @ 4575-81

This was also helped by the market trading below the weekly level @ 4649.

The trend guide @ 4615 formed resistance and pushed the SPI lower reaching support levels on the close of the day

From next week we begin to look for a 2-3 day counter-trend move back towards the ‘gaps’ in the daily range.

That will depend on the price action in the S&P overnight, and whether it continues to hold support levels @ 1301/02.

Even though there could be a short-term counter-trend move next week…I don’t think it’s the lows in the current Quarterly cycle.

Weekly report out tomorrow

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S&P (E-minis) 2nd June 2011 Recap

there are two patterns at play based on Wednesday's breakout of the daily lows @ 1318

#1) market moves down into the daily lows on Thursday, and then swings back towards the 5-day 50% level @ 1322

#2) moves up into the June 50% level @ 1322 and is sold down into the lows




S&P Weekly and Daily

S&P followed the break and extend pattern from Wednesday's lows into Thursday's lows providing a 8.5 point rise...

but failing to provide a complete 14 point rise back towards the 50% levels.

my hunch is that it will continue to move back towards the 50% levels during globex hours or early Friday cash market hours.

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SPI Daily 2nd June 2011 recap

We have a monthly 50% level rejection pattern that could see this week move down into the Weekly lows @ 4583

There is also a 5-day breakout; therefore I'm struggling to see any upside today.

Trend guide & resistance 4642-49.



SPI Weekly and Daily range.

As noted in yesterday’s recap... further weakness in the SPI from the June 50% level towards 4649 (Weekly level) was going to be influenced by the S&P reversing down on Wednesday.

With further weakness in the S&P overnight, this resulted in Thursday opening below key levels in the Weekly & daily range….

Resulting in a bias to move towards lower lows from 4642, but failing to reach the Weekly lows @ 4583

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S&P (E-minis) 1st June 2011 Recap

"From Wednesday onwards there is a possible reversal pattern down towards the June 50% level,as per Weekly report"



S&P Weekly and Daily range

As per Weekly report, I was looking for the market to move towards the upper Weekly level over the first 2-days, but then I was looking for a reversal pattern back down into the June 50% level @ 1322.50 from Wednesday onwards.

Wednesday reversed back down, and kept on going, resulting in a breakout of the daily lows @ 1318.

Because of the breakout, often this will see the market extend towards Thursday's lows.

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SPI Daily 1st June 2011 recap

Resistance 4741-46

The rest of this week is based on whether the trend continues toward 4773+

Or whether the market is rejected down from the June 50% level.




SPI Weekly and Daily range

Market opened on resistance @ 4841, moved down 42 points, and then consolidated below the June 50% level.

Whilst the market is trading below 4734, (June 50% level) the trend bias is to move back towards 4649.

That will depend on whether the S&P 500 reverses down on Wednesday from 1348

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S&P (E-minis) 31st May 2011 Recap

Above the Weekly 50% level on the last day of the month and the S&P looks to move moving towards the upper Weekly level @ 1348

Possible pattern for Tuesday:- the S&P to hit 1340-1341 and reverse down 8.5 points to 1331.

If that happens then support could push the S&P up towards 1348 later in the day.



S&P Weekly and Daily range

S&P rising up towards the Weekly level @ 1348 on the last day of the month.

And Tuesday nearly played out precisely, as the market reversed down 8.5 points...

but it didn't move down into the support level (channel high) @ 1331.25 to trade longs into the close.

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SPI Daily 31st MAY 2011 recap

Today's trend guide is 4680...

I have the view that the market is trying to rise upwards on the last day of MAY towards the June 50% level.



S&P Weekly and Daily range

Tuesday rose upwards and moved back towards the Weekly 50% level @ 4716, which aligns with the June 50% level, starting from tomorrow.

However, based on the levels in the daily range there wasn’t an ideal long set-up, as it was below the levels at the start of the day.

I would have preferred a move down into 4649/52, and then move towards the highs using support and the R42 low.

The June 50% level will now decide whether the market moves higher over the next 3-days….

Or is pushed back down:- another rejection pattern from the monthly 50% level.

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SPI Daily 30th MAY 2011 recap

2-days to go until the start of June (Wednesday), and the first 2-days of this week is based on whether market continues back towards the MAY 50% level..

or remains in between the Weekly 50% level @ 4716 and the Weekly level @ 4649



SPI Weekly and Daily range

Monday remained within a trading range of 21 points for most of the day…

as it looks to be consolidating below the Weekly 50% level until Wednesday..

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