S&P (e-mini ) 28th August 2010 Weekly

S&P Monthly and Weekly

Weekly lows provided support and price is now rotating back towards the September 50% level.

That level starting next week is going to be the trend guide for the rest of the 3rd Quarter

Either price swings upwards and moves back towards 1128

or it follows the September 50% level rejection pattern, as part of the continuation of the trend being below 1098.50.

If that's the case the move down is towards 970, ( with a possible spike down into 938).

However, around 970 is an ideal level to be moving back into stocks for the rest of 2010, as it is the Yearly 50% level, which is the same level that has supported the Australian market for the past few months

What we need to keep an eye on next week, is the 50%  level @ 1079 and how price responds to it.

If the market moves upwards and then breaks below 1056 from Wednesday, then we begin to look for the down trend to continue during September

S&P (e-mini ) 21st August 2010 Weekly

S&P monthly and Weekly Ranges.

Early rise upwards this week resulted in 1098.50 providing a robust resistance level, and as pointed out in the Premium Report on Thursday...

Once price drops below 1084.75 the trend bias was to move back down into the Weekly lows:- lower Weekly close by Friday

At this stage I favour more weakness, with a trend bias down towards 1022 during the 3rd quarter...

However, based on Friday's lows there is a potential 2-day counter-trend to begin next week

Next week's 5-day trend guide will be based on 1077.50, along with the levels in the 5-day range whilst trading 8.5 to 14 point spiral points for day traders.

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S&P (e-mini ) 14th August 2010 Weekly

S&P Monthly and Weekly

Last week’s view was to continue higher based on the same pattern of rising up from Friday’s lows:- as long as the market remained above 1116.

As pointed out in the Premium Report on Wednesday....

Tuesdays' close below the daily 50% level and below 1116, the trend bias is to move lower.


The changed of trend began with Tuesday’s reversal bar and daily close below 1116 , and the verified by the breakout of the 5-day lows on Wednesday @ 1102 and a continuation down into the medium term support level @ 1078.

Current price action suggests more weakness whilst below 1085...

Because price is below the monthly 50% levels in August the trend bias is to continue down, but that will need to be verified with a breakout of the Weekly lows @ 1063...and a continuation of 3rd quarter weakness

Otherwise above 1085 can move into another 5-day consolidating pattern between 1098.50 and the Weekly lows, and the market remains in a sideways pattern for the next couple of weeks.

S&P (e-mini ) 7th August 2010 Weekly

S&P Monthly and Weekly

Whilst the Trend is a above 1099 the bias is to rise upwards during August.

Trend target is 1155.

However, this is likely to follow the Weekly pattern formations over the next 2-weeks.

Similar 5-day pattern as last week, and with Friday's low providing support, the trend should continue towards 1137 this week.

As long as it remains above 1116