Index, forex, stocks, Commodities 30th July 2011 Weekly

Weekly Index & Forex Reports out now...

Australian Index (SPI) Futures

DOW and S&P Index Futures


OIL Futures:- OIL BOIL

Gold & Silver Weekly Reports

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

S&P (e-mini) 29th July 2011

if the S&P rises up from Thursday's lows, then the Weekly lows should be used as resistance (1297/1302):- 8.5 to 14 points and lower.

                                                   S&P Weekly & Daily range

S&P rose upwards on Friday and hit resistance levels (weekly lows) and moved down  precisely

The rest of Friday then moved into a consolidation pattern to close out the month

Weekly report out later

SPI Futures 29th July 2011 recap

There is a breakout of Thursday’s lows that could see the trend continue down into Friday’s lows.

Resistance:- 4453

Trend guide 4427

SPI Weekly and Daily range.

Weekly lows @ 4427 failed to provide more than a 21 point rise, with a daily target @  4453 (resistance)

And once below the weekly lows, the trend bias was to continue down into Friday’s lows, and reach the July lows @ 4395 on the last trading day of the month.

US markets are currently trading below the Weekly lows, and without a meeting in the US on Friday to resolve the debt crisis, could see more weakness to follow into next week.

As noted in the Weekly reports, a failure to resolve the debt crisis has seen the SPI break critical support levels in the 3rd Quarter, and could possibly follow the larger primary cycles towards lower trend lines @ 4137

Weekly report out tomorrow.

S&P (e-mini) 28th July 2011 Recap

breakout of the 5-day lows, therefore there's a bias to continue down into Thursday's lows

Resistance the 5-day 50% level, which matches Wednesday's breakout


S&P Weekly and Daily range.

Weekly lows supported the market early in the day resulting in a rise to retest Wednesday’s breakout.

It didn’t precisely reach the 5-day 50% level, but it failed @ the July 50% level, and then continued to follow the break and extend pattern towards the Daily lows on Thursday.

Whilst price is below the weekly lows, the trend bias is to continue down towards 1266, as per Weekly report.

SPI futures 28th July 2011 recap

There is a breakout of Thursday's lows, which can form resistance @ and continue down into the Weekly lows @ 4427

SPI Weekly and Daily range

Market opened below the Weekly level @ 4459 and remained below it, heading down into the Weekly lows @ 4427.

Markets remain weak, as the US goes into the end of the week, with the debt ceiling hanging around its neck like a lead balloon.

S&P (e-mini) 27th July 2011 recap

My view is that US markets have more chance of moving down towards Wednesday’s lows.

Daily lows are seen as random support of 8.5 points

S&P Weekly and Daily Range

The S&P has continued down without the daily lows providing random support, and moving down into the Weekly lows.

The debt ceiling crisis heavily weighing on markets, with the S&P now trading around critical support levels in the weekly cycle.

SPI Daily 27th July 2011 recap

Trend guide 4542 & Support 4516

my view is that the market is likely to remain range bound between support.

However, it may move towards the extremes later in the day...that being down towards the 5-day lows

SPI Weekly and Daily range

Wednesday trading below the Weekly 50% level and also the daily trend guide @ 4542.

Trend bias was down into 4516 (support), which resulted in more weakness later in the day, but a failure to continue down into the daily lows @ 4487

S&P (e-mini) 26th July 2011 recap

Patterns in the 5-day range don't provide an ideal set-up for today’s trading

Trend guide the daily 50% level @ 1333.

S&P Weekly and Daily

Tuesday has remained either side of the daily 50% level and within the daily channels…

As the market continues to consolidate....

SPI Daily 26th July 2011 recap

Support 4506

Trend 4532

Resistance 4561

SPI Weekly and Daily range

I still have the view that the market is rising upwards, and rotating back towards the August 50% level.

However, the SPI failed to rise up into the resistance level, to close Friday’s gap @ 4561

And it also failed to move down into the Support level @ 4506…

Resulting in a trading range either side of the Weekly 50% level, and an inside day.

S&P (e-minis) 25th July 2011 recap

I have seen this pattern before, only to see the market rise upwards, using the Weekly 50% level, as support...

Random resistance @ 1340.50

S&P Weekly and daily range.

S&P gapped down on news that they have resolved the debt ceiling issue…

However, that open aligned with the Weekly 50%, and inside the daily channels, providing a 8.5 to 14 point rise towards the upper daily channel

SPI Futures 25th July 2011 recap

S&P 500 has gaped down in early Futures trading. If below 4580 the trend bias is down into 4532 (support)

if below @4532 the trend bias is to retest Wednesday’s breakout @ 4500

SPI Weekly and Daily.

There was a breakout on Friday’s highs, and normally I would look at that pattern and have the view that the trend would continue up towards Monday’s highs @ 4614, and the Weekly level.

However, as mentioned in the US Weekly report, there is a stench hanging over the US markets, and US futures gaped down, which resulted in the SPI opening much lower.

4532 failed to hold, and the current price action is now retesting the previous breakout from last Wednesday @ 4500.

The rest of the week is based on how the S&P responds to it’s own Weekly 50% level