Australia | Aug 31 2013
The uptrend has held for a 10th week. The market remained flat as the uptrend stop was tested for a second week in a row. Volumes remained low and sellers waited for another week. Resistance at 5125 and 5145 continues to hold any upside and we continue to expect the peak from a fortnight ago to hold. AUDUSD is poised to test the 0.884 lows and International markets focus on SP500 as it continues to look for 1600. 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 will continue to be tested. A close above 5071 next week will continue the trend. The 11th week of the uptrend shows no resistance above 5126 and break of this level will target a new peak. Market has failed to breakout for 3 weeks and the bears are getting confident.
Bears are testing supports however sellers are holding and remain patient. A close below 5071 next week will be the start of a downtrend. Downside target is 4964. The 11th week may be the end of a 10% rally.
iQUANT FORECAST RANGE 4964 – 5126
PIVOT POINT 5071
iQ ASX Weekly Summary week ending 30th August
The uptrend has held for a 10th week. The market remained flat as the uptrend stop was tested for a second week in a row. Volumes remained low and sellers waited for another week. Resistance at 5125 and 5145 continues to hold any upside and we continue to expect the peak from a fortnight ago to hold. AUDUSD is poised to test the 0.884 lows and International markets focus on SP500 as it continues to look for 1600. 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 will continue to be tested. A close above 5071 next week will continue the trend. The 11th week of the uptrend shows no resistance above 5126 and break of this level will target a new peak. Market has failed to breakout for 3 weeks and the bears are getting confident.
Bears are testing supports however sellers are holding and remain patient. A close below 5071 next week will be the start of a downtrend. Downside target is 4964. The 11th week may be the end of a 10% rally.
iQUANT FORECAST RANGE 4964 – 5126
PIVOT POINT 5071
iQ ASX Weekly Summary week ending 30th August
Review of prediction from 23rd August 2013
The uptrend holds for a 10th week. This week the trend was tested and resistance at 5125 and 5145 continued to hold any upside. The market failed to make a new high. International markets focus on SP500 at 1660 and the AUDUSD at 0.90. The short term daily report is holding onto a new uptrend and we continue to expect selling. The flat trend and limited upside indicates a neutral position and we wait for the long established supports to fail. We expect the 10th week of the uptrend to be similar to this week as resistance holds and supports are tested.
Bulls had a scare this week but took less than 3 hours to reverse the mini flash crash. A break above 5152 will target new highs. A close above 5059 next week will continue the trend. The 10th week of the uptrend shows no resistance above 5152 and break of this level will target 5218 – de ja vu.
Bears had their first chance to reverse the trend this week. Resistances held and supports were tested and the market held above the pivot and held the uptrend. The resistance at 5125 and 5145 continues to be the key. A close below 5059 next week will be the start of a downtrend. Downside target is 4914.
iQUANT FORECAST RANGE 4914 – 5152
PIVOT POINT 5059
ACTUAL 5042 – 5142
A flat opening to the week and as predicted the resistance held. Wednesday supports were tested and the weekly pivot was tested for a second week in a row. Fridays end of month splurge pushed the market back to the 5125 resistance and where the market began Monday. Intraday volatility was low and volumes for the week were the lowest in 6 weeks. The market traded between the August monthly upper range at 5125 and the weekly uptrend stop at 5059 for most of the week as the lack of direction continued.
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ASX200 report tracks the September ASX200 SPI. The ASX200 index is currently trading at a 5 point premium to the futures. All levels in this report refer to the ASX200 SPI futures
This weeks range of 4964- 5126 pivot 5071 – equates to 4969 – 5131 and 5076 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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