Australia | Aug 03 2013
Gains in the index continue to be hard earned. The market was flat early in the week with all the gains happening on Friday. The 7th week of the uptrend starts like the previous 3 with the daily report indicating limited upside early in the week. The support and resistance levels show an increase in volatility is likely and a bigger move in the market should be seen. Indications are a peak in the markets remains overdue. The AUDUSD has seen a sell off with the predicted 0.933 level holding. SP500 has broken above the key 1700 level and waits for direction.
Bulls continue to hold gains and supports remain solid. A close above 4997 next week will continue the trend and long positions can be held. The 7th week of the uptrend shows no resistance above 5068 and break of this level will target the August monthly upper range at 5125.
Bears continue to see supports and stops held. Volumes remain below average and the sellers continue to hold. A close below 4997 next week will be the start of a downtrend. Downside target is 4876. A break of 4997 will target the 4962 and 4876 supports.
iQUANT FORECAST RANGE 4876 – 5068
PIVOT POINT 4997
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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 4876- 5068 pivot 4997 – equates to 4916 – 5108 and 5037 pivot on ASX200 physical index
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