Index, Forex, Stocks, Commodities 2nd July 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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OIL Futures:- OIL BOIL

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Gold & Silver Weekly Reports

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

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

S&P is trading above their July 50% levels...

And today's trading is based on whether Friday's highs forms resistance, and moves into a 2-day reversal pattern from next week to retest the Weekly breakout @ 1295



S&P Weekly and Daily range

Fridays highs didn't provided any resistance, as the trend continues to push upwards from the July 50% level @ 1313 towards higher highs, and likely to continue higher next week.

As noted in yesterday's S&P recap....

Note:- With a breakout of the weekly highs @ 1295 , there is still the possibility that the trend follows a break and extend pattern into next week's highs.


That break and extend pattern will take the S&P up to 1348-52 early next week

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SPI Daily 1st July 2011 recap

Friday's highs will be seen as resistance, that may lead to a 2-day reversal pattern (downward next week).

Today:- the first target pull back is 4583 (random support)



SPI Weekly and Daily range.

Today’s higher open completed the break and extend pattern from Thursday @ 4543.

The initial expectation was for the market to pullback into 4583:- daily level and also Weekly highs, which failed to hold support, and the rest of the day remained within the daily levels of 4562 & 4583.

The market may continue to move towards the July 50% level next week, depending on the price action in the S&P overnight…

Or it may continue with the 2-day downward reversal pattern, as part of another move towards the ‘July lows’

Weekly report out tomorrow, along with new Weekly levels

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S&P (e-mini ) 30th JUNE 2011 recap

The S&P is trading above the Weekly highs, with a trend bias is to towards the monthly 50% levels.

It has also closed above the Daily highs on Wednesday, and I would normally see this as continuing towards Thursday’s highs:- Resistance



S&P Weekly and Daily

S&P has continued with the breakout pattern and followed the daily cycle towards Thursday's highs without providing an 8.5 point reversal pattern once it got there @ 1315.50

The last day of the month failed to move into the June 50% level, but it will align with the July 50% level as of tomorrow.

Note:- With a breakout of the weekly highs @ 1295 , there is still the possibility that the trend follows a break and extend pattern into next week's highs.

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SPI Daily 30th June 2011 recap

With the S&P 500 breaking above its 3-week highs, the reversal up from the June lows is likely to continue higher, as part of a move towards the monthly 50% levels

Above the Daily highs on Thursday @ 4543 (breakout), is likely to continue towards higher highs by Friday



SPI Weekly and Daily range

All the clues where in the S&P 500, as the breakout of the Weekly highs was going to drag the Aussie market higher, helped by 4543 forming support.

Thursday's highs provided support, along with the expectation that the trend would continue towards higher highs by Friday

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S&P (e-mini ) 29th JUNE 2011 recap

because of the Weekly highs, my view is that price is more likely to reverse down 8.5 points, and then move back towards the 5-day 50% level, and blue channel highs. (random support)..



S&P Weekly and Daily range

Tuesday's highs and the Weekly highs didn't provide the initial 8.5 point reversal that I was looking for.

That 8.5 reversal pattern occurred around Wednesday's highs, but it didn't remain below the Weekly highs.

As noted in the Weekly report, there is a potential last week up move in the current Quarter, and with the market above those Weekly highs, that up trend is likely to continue towards the monthly 50% levels.

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SPI Daily 29th June 2011 recap

Resistance 4542

Trend guide @ 4501

Support 4487



SPI Weekly and Daily range.

The market sold off on open (not from resistance) and found support @ 4501.

Whilst the market was supported, my view was that it was trying to move towards the highs, but all it could manage was a 21 point rise, and not the 42 point rise that I was looking for.

With the market trading above the Weekly level @ 4487, the trend bias is to continue higher in the short-term.

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SPI Daily 28th June 2011 recap

The trend guide is based on the Weekly level @ 4487, and whether the market is rotating towards the July 50% levels...or moving down into the July lows.

Resistance 4497/98.



SPI Weekly and Daily range…

Resistance came into the market around 4497/98 and push the market below 4487, which in turn pushed the market towards the Daily lows.

The market continues to remain within the downward trend and the ‘ rejection-pattern’ from the June 50% level towards the July lows.

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

Whilst the S&P is above its Weekly level @ 1256, the trend bias is back towards the Weekly 50% level @ 1275



S&P Weekly and Daily range...

Market rose upwards from support levels, whilst starting the week trading inside the Weekly levels.

Current price action suggest the S&P is moving towards the Weekly highs, which coincides with the July 50% level

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SPI Daily 27th June 2011 recap

This week's trading is based on whether the last week of the month/Quarter continues to trend towards lower lows in July...

or the market swings up from the June lows, and towards the July 50% level.



SPI Weekly and Daily range

SPI opened below the daily range @ 4459, and has remained below it all day, which also coincides with the market trading below the June lows.

The current expectation is that the market is moving towards the July lows (unknow as yet), as part of the June 50% level rejection pattern.

However, with the S&P trading above the Weekly level, the Aussie market could open higher tomorrow, and swing back towards the Weekly level @ 4487.

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