Australia | Aug 10 2013
The uptrend remains under pressure closing on the pivot for this week. Stock reports show BHP, RIO and TLS in breakout up trends and the banks, WOW, WPL and WES in downtrends. Gains in the index continue to be hard earned. AUDUSD is testing the longer term monthly downtrend following support at 0.886. International markets focus on SP500 at 1690 and a break of this level will signal falls. The short term daily report is in a downtrend and we expect selling to continue. The flat trend and limited upside indicates a neutral position and we wait for the long established supports to fail.
Bulls continue to hold gains and supports are now being tested. A close above 4981 next week will continue the trend. The 8th week of the uptrend shows no resistance above 5024 and break of this level will target the 5068 peak.
Bears are testing supports. Volumes are increasing with selling starting to test the long established uptrend. A close below 4981 next week will be the start of a downtrend. Downside target is 4887. A break of 4887 will lead to a rapid sell off – Flash crash.
iQUANT FORECAST RANGE 4887 – 5024
PIVOT POINT 4981
iQ ASX Weekly Summary week ending 9th August
The uptrend remains under pressure closing on the pivot for this week. Stock reports show BHP, RIO and TLS in breakout up trends and the banks, WOW, WPL and WES in downtrends. Gains in the index continue to be hard earned. AUDUSD is testing the longer term monthly downtrend following support at 0.886. International markets focus on SP500 at 1690 and a break of this level will signal falls. The short term daily report is in a downtrend and we expect selling to continue. The flat trend and limited upside indicates a neutral position and we wait for the long established supports to fail.
Bulls continue to hold gains and supports are now being tested. A close above 4981 next week will continue the trend. The 8th week of the uptrend shows no resistance above 5024 and break of this level will target the 5068 peak.
Bears are testing supports. Volumes are increasing with selling starting to test the long established uptrend. A close below 4981 next week will be the start of a downtrend. Downside target is 4887. A break of 4887 will lead to a rapid sell off – Flash crash.
iQUANT FORECAST RANGE 4887 – 5024
PIVOT POINT 4981
iQ ASX Weekly Summary week ending 9th August
Review of prediction from 2nd August 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
ACTUAL 4935 – 5086
The predicted forecast upper range of 5068 held the market early in the week. We predict 5068 to be a medium term peak in the market. A 100 point fall on Wednesday tested the 4960 weekly and monthly support. A bounce Thursday back to the Weekly and Monthly pivot saw a move to neutral with downside risk. Friday saw the market pivot around the 4997 stop level as the market looked for the next direction. We remain neutral with downside risk. The bulls continue to hold the trend without any gains. This week volatility increased as predicted and volumes increased but remained subdued.
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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
ASX200 report tracks the September ASX200 SPI. The ASX200 index is currently trading at a 45 point premium to the futures. All levels in this report refer to the ASX200 SPI futures
This weeks range of 4887- 5024 pivot 4981 – equates to 4932 – 5069 and 5026 pivot on ASX200 physical index
The information contained in this communication is general information only. Any advice is general advice only. Neither your personal objectives, financial situation or needs have not been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice. Iquant Systems Pty Ltd (CAR No.435627) is a corporate authorised representative of Avestra Capital Pty Ltd (AFSL No. 292464).
Copyright © 2013 Iquant Systems, All rights reserved.
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