Australia | Jul 27 2013
The uptrend took a step higher this week and all weekly resistance was cleared. A minor breakout occurred and the market closed off the highs of the week. The trend held support as sellers remained on the sidelines. Key levels to watch are 1700 on SP500 and 0-933 on the AUDUSD. Next week sees the 6th week of this uptrend and upside has opened up. Market has risen 1% in the past two weeks and investor patience continues to be tested. The short term RSI is at overbought levels and limited upside is seen early in the week. A break of 4992 will signal further weakness.
Bulls are holding on to gains and await a lift in volumes to push higher. A close above 4963 next week will continue the trend and long positions can be held. The 6th week of the uptrend shows resistance at 5058 – a break of this level will lead to a rally
Bears continue to test the support without follow through and sellers remain patient. A close below 4963 will be the start of a downtrend as we wait for direction. Downside target is 4818.
iQUANT FORECAST RANGE 4818 – 5058
PIVOT POINT 4963
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ASX200 report tracks the September ASX200 SPI. The ASX200 index is currently trading at a 40 point premium to the futures. All levels in this report refer to the ASX200 SPI futures
This weeks range of 4818- 5058 pivot 4963 – equates to 4858 – 5098 and 5003 pivot on ASX200 physical index
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