SPI Trading 17th March 2008 part 3

SPI 10:33

SPI moved into a double R44 range today and is coming down from an R44 high, with the expectation that price is moving down into an R44 low.

I didn't expect such a big rally on open, but this was helped by the rally on US futures at the same time.

Short 5170 partial exit 5154 +15 (Trailing stop 5173)

SPI 10:36

Exit @ 5144 +26

On Sidelines until afternoon... no more trading until things settle down

Note: US futures markets have come right off, and the SPI is back under the Weekly lows from last Week @ 5165.....

SPI Trading 17th March 2008 part 2

SPI intra-day charts

SPI 10:15

SPI moved up into the gap @ 5131 and has pushed back down.

trading below 5131 and expectation is to move down, or I hope so...

Short 5129 partial exit 5113, 5106

SPI Daily and intraday

Trailing stopped out @ 5132 -3

SPI moving up into the Weekly lows @ 5165, but looks like it's stronger than normally, with US future markets UP...

On sidelines.....

SPI Trading 17th March 2008

Please Read the Weekly report before proceeding...

SPI Daily and Intra-day 44 point range chart

Weekly timeframe has shifted lower and expectation that the Australian Market will begin a down move towards the March Lows.

Trading below the lows of the previous Weekly timeframe @ 5165, and the next support levels are the March lows @ 5056, and then the 5-day lows.

Today:-

Depends on where the market opens, but a lower open (spiral-point) will often try and move upwards (44 points) before continuing down.

When a lower open occurs and begins to push down early, the market will often form a 22-point rejection pattern and then continue the downward trend. This often occurs below a 5-day level.

Today there isn't a 5-day level for this pattern to be verifed, therefore the trend bias for Monday is the low of the last R44 range @ 5131.

Below 5131 and the trend is down.


Note:- Financial stocks are coming under pressure once again because of the Investment bank Bear Sterns in the US, which you would think will have a negative impact on our market today, and complete the Move down into March lows.

Weekly Reports 15th March 2008

Australian Index Weekly Report

US Markets:- DOW and S&P Weekly Report

The Stock Report:- Banks and BHP


please click links to the right......


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DOW E-mini 14th March 2008 part 3

Bad day on Financial stocks, with Bear Sterns dragging the market down, and every other financial stock following the same path...Down.

Coming into the last hour of trading in the US and markets have remained below the 'Support-break', with some buying support after the FED stepped in to bail out Bear Sterns.

Obviously the bad sentiment of financial stocks will follow through early next week, and that's also the view with the breakout of the Support with the view that price is moving into a 'double-down' day into Monday.

Full Weekly Report out tomorrow.....

FOREX GBP/USD 14th March 2008 part 2

GBP/USD Intra-day and 43 pip charts

Expectation that GBP would come down on Friday to re-test the 3-day high breakout. (read previous report)

This was completed early on Friday and the Sterling rallied, but has now drifted back down.

This is now setting up a rotation back into the Weekly 50% level for next Week, as per previous report.

DOW E-mini 14th March 2008 part 2

Both US markets moved upwards from the 5-day 50% level and into the 5-day highs (3-day cycle highs), and have now reversed back under support.

Below 'support' and expectation both markets are moving into a double- down day into Monday...

DOW E-mini 14th March 2008

DOW and E-mini Daily charts

Both US markets consolidating under the Weekly 50% level, and below all higher timeframe levels.

The Trend remains down, but with March Contracts expiring next week, there is often a tendency to rise upwards during the week of expiry.....

And Friday's trend is going to be defined by the Support levels.... above and expectation price is moving back towards the 5-day highs.

Below and it's pushing down into the Weekly lows (5-day lows)

Even though the bigger picture is weak with the consolidation below the Weekly 50% level, the 5-day pattern is currently above the 5-day 50% level, so at this stage the bias is to move higher, until the opposite occurs... (Break of support)

SPI Trading 14th March 2002 part 6

SPI 15:15

SPI sold down into and R44 low and testing the Weekly lows (Support) 5165.

Not interested in trading Longs around the lows, and leaving the rest of the day to trade out, next trade Monday.

Full Weekly report Tomorrow.