SPI Daily 8th June 2011 recap

Today's trend guide is yesterday's level @ 4551

if above it is once again moving up towards 4581,

if below 4551 the trend bias towards Wednesday’s lows @ 4513-20.(random support)



SPI Weekly and Daily

Higher daily open moved up towards 4581, but it then reversed down and moved below 4551.

Further weakness saw the market continue down into Wednesday’s lows @ 4520 (24 hour), finding support.

Current trend continues to suggests the market is moving down into the June lows @ 4460-62.

once again that will depend on whether the S&P remains below the Weekly level

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S&P (E-minis) 7th June 2011 Reca

Weekly & Monday's lows @ 1286 is supporting the market, and there could be a lagging 8.5 to 14 point reversal pattern from 1286 that could occur in early trading today




S&P Weekly and Daily range

8.5 point rise upwards from 1286, but the S&P struggled to rise higher, failing to reach the resistance zone @ 1298

Currently the Weekly low is supporting the down trend, but there is a larger timeframe cycle trying to push the S&P down into 1259.

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SPI Daily 7th June 2011 recap

Resistance 4551

Below the Weekly lows & 4551 the trend bias is to continue down towards Tuesday’s @ 4520, and as far as 4501.



SPI Weekly and Daily range

Early resistance @ 4551 for a number of hours…

However the market didn’t follow the daily range towards Tuesday’s lows, but simply stalled until 14:30 when the Reserve Bank announced there would be no rate rise.

This saw the market slightly higher, where 4581 provided resistance into the close.

I still have the view that the SPI is moving towards the June lows @ 4460-62…

However, any further weakness will be determined by whether the S&P 500 remains below 1301…

Or whether the Weekly lows in both markets (S&P and SPI) provide enough support for Tuesday to close higher, and the SPI opens around 4619 tomorrow.

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S&P (E-minis) 6th June 2011 Recap

Whilst the S&P is trading below 1301, the trend bias is to move down into the Weekly lows @ 1286 (random support)...with an expectant trend towards the June lows @ 1259



S&P Weekly and Daily range

S&P has followed the trend down into the Daily and Weekly lows, without providing an intra-day reversal pattern of 8.5 to 14 points.

That might happen during globex hours....

however, if it's below 1286, it's following the June low pattern, as per Weekly report.

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SPI Daily 6th June 2011 recap

Support 4547/54

Resistance 4581-86

I’d be surprised to see the SPI above resistance levels today.



SPI Weekly and Daily range

As noted in the Weekly report :- 3rd month 50% level rejection has a bias to continue towards the June lows @ 4460-62.

However, there were two support levels today using both the Daily and Weekly lows (4547/52), with the expectation that there would be a gap fill to Friday lows.

Once the gap filled (Friday's lows @ 4575), the rest of the day moved into a sideways consolidation pattern.

The trend towards the June lows will be determined by whether the S&P 500 breaks it’s own Weekly lows @ 1286, or remains range bound below 1301

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

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

http://austindex.blogspot.com/


DOW and S&P Index Futures

http://usindexweekly.blogspot.com/

US Dollar INDEX, AUD/USD, EUR/USD

http://www.forexspread.blogspot.com/

OIL Futures:- OIL BOIL

http://www.oilboil.blogspot.com/

Gold & Silver Weekly Reports

http://goldcoppersilver.blogspot.com/

Note: Weekly BHP, RIO, TLS, Banking Report Update

http://aussie-stocks.blogspot.com/

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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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