I will be travelling for the next 4 weeks and the service will be limited. Daily updates, mainly trading ideas will be posted at various stages during teach session.
| S&P: 2440 |
| 24 Hour: Mildly Bullish | Medium Term: Prefer to sell rallies | ||
| Preferred Strategy: Neutral. The short term momentum indicators hint at a further recovery from Friday’s 2430 low although the dailies remain negative and selling into strength, with a SL placed above 2475 would seem to be a plan. If the political scene deteriorates, then we could see a quick run to 2400 – and lower. | |||
| Resistance | Support | ||
| 2488 | 8 Aug high -All-time high | 2430 | Friday low |
| 2475 | Minor | 2416 | (50% pivot of 2344/2888) |
| 2465 | 200 HMA | 2412 | 100 DMA |
| 2455 | Minor | 2402 | 29 June low |
| 2445 | Minor | 2398 | (61.8% of 2344/2888) |
…
| DJI: 21847 |
| 24 Hour: Mildly Bullish | Medium Term: Prefer to sell rallies | ||
| Ditto S+P.
Preferred Strategy: Neutral |
|||
| Resistance | Support | ||
| 22130 | 8 Aug high – all-time high | 21788 | Friday low |
| 22025 | 9 Aug high | 21735 | (23.6% of 20474/22130) / Rising trend support |
| 21970 | 200 HMA | 21675 | Minor |
| 21920 | Minor | 21625 | Minor |
| 21882 | Friday high | 21525 | Minor |
…
| ASX SPI: 5638 |
| 24 Hour: Neutral | Medium Term: Neutral | ||
| Preferred Strategy: Neutral. The choppy, sideways trade continues and as we said before, the short term momentum indicators look mixed and the charts are messy so I would not be too involved right now. More of the same looks likely and the wide range of 5600/5765 look may continue to cover it in the medium term. Note that the dailies do point lower though, so out of preference I would trade it from the short side. | |||
| Resistance | Support | ||
| 5735 | 8 Aug high | 5614 | Friday low |
| 5715 | Minor | 5592 | 24 July low/(38.2% of 5029/5944) |
| 5690 | Minor | 5575 | Minor |
| 5665 | 200 DMA | 5550 | Minor |
| 5648 | Friday high | 5526 | 2 July low |
…
| XAUUSD: 1289 |
| 24 Hour: Neutral | Medium Term: Mildly Bullish | ||
| Preferred Strategy: Neutral. The short term momentum indicators are hinting at further consolidation below 1300 although the dailies are picking up steam and a move towards 1315/25 resistance would not surprise over coming days. Much will depend on the need for safe haven assets but with Trump/Kim leading the charge it does not appear to be about to settle down. | |||
| Resistance | Support | ||
| 1325 | 100 MMA | 1285 | Minor |
| 1315 | (76.4% of 1375/1122) | 1281 | Friday low |
| 1300 | Minor | 1271 | (23.6% of 1205/1292) |
| 1296 | 6 June high | 1258 | (38.2% of 1205/1292) |
| 1292 | Friday high | 1250 | 100 DMA |
…| XAGUSD: 17.10 |
| 24 Hour: Neutral | Medium Term: Neutral | ||
| Preferred Strategy: Neutral. Silver had a good run higher on Friday, taking out both the 100 DMA/200 DMA before some consolidation set in. It would not surprise to see the moving averages act as a magnate on Monday but with the dailies picking up steam, a move towards the descending trend resistance/200 WMA at 17.45/55 would not really surprise in coming days. | |||
| Resistance | Support | ||
| 17.75 | 6June high | 16.95 | 100 DMA |
| 17. 45/55 | 200 WMA/Descending trend resistance | 16.90 | Friday low |
| 17.32 | (61.8% of 18.65/15.18) | 16.75 | (23.6% of 15.19/17.20) |
| 17.20 | Friday high | 16.65 | 200 HMA |
| 17.05 | 200 DMA | 16.50 | Minor |
…| WTI: 48.75 |
| 24 Hour: Neutral | Medium Term: Neutral | ||
| Preferred Strategy: Neutral. WTI recovered from session lows below 48.00 on Friday and the short term momentum indicators now look as though we could retest 49.00+. The dailies look less certain though, and some choppy consolidation may be in store, so look for a range of something like 48.00/49.50 to cover it on Monday | |||
| Resistance | Support | ||
| 50.60 | Descending trend resistance | 47.96/92 | Friday low/100 DMA |
| 50.40 | 1 Aug high | 47.85 | 26 July low |
| 50.20 | (61.8% of 55.21/42.03)/10 Aug high | 47.65 | Minor |
| 49.50 | 200 DMA | 47.20 | (38.2% of 42.03/50.40 high) |
| 48.95 | Friday high | 46.65 | Rising trend support |
…