FYI | Sep 07 2013
The uptrend holds for a 12th week. International markets are off recent peaks and the local market had a peak above 5200 this week. Short term the daily stop for Monday is 5120. The important supports for next week are 5125 and 5106. AUDUSD has retested the 0.923 long term resistance level and awaits direction. SP500 is trading the 1630 – 1660 range also looking for direction. The flat trend and limited upside indicates a neutral position and we continue to wait for the long established supports to fail.
Bulls continue to hold gains with limited upside. A close above 5084 next week will continue the trend. The 12th week of the uptrend shows no resistance above 5168 and break of this level will target the 5209 peak.
Bears are testing the monthly support at 5106 A close below 5084 next week will be the start of a downtrend. Downside target is 4949. A break of 4949 will lead to a rapid sell off – Flash crash.
iQuant Weekly outlook released 23rd August 2013 – “The 10th week of the uptrend shows no resistance above 5152 and break of this level will target 5218 – de ja vu” – MARKET PEAKED AT 5209
iQUANT FORECAST RANGE 4949 – 5168
PIVOT POINT 5084
iQ ASX Weekly Summary week ending 30th August
The uptrend holds for a 12th week. International markets are off recent peaks and the local market had a peak above 5200 this week. Short term the daily stop for Monday is 5120. The important supports for next week are 5125 and 5106. AUDUSD has retested the 0.923 long term resistance level and awaits direction. SP500 is trading the 1630 – 1660 range also looking for direction. The flat trend and limited upside indicates a neutral position and we continue to wait for the long established supports to fail.
Bulls continue to hold gains with limited upside. A close above 5084 next week will continue the trend. The 12th week of the uptrend shows no resistance above 5168 and break of this level will target the 5209 peak.
Bears are testing the monthly support at 5106 A close below 5084 next week will be the start of a downtrend. Downside target is 4949. A break of 4949 will lead to a rapid sell off – Flash crash.
iQuant Weekly outlook released 23rd August 2013 – “The 10th week of the uptrend shows no resistance above 5152 and break of this level will target 5218 – deja vu” – MARKET PEAKED AT 5209
iQUANT FORECAST RANGE 4949 – 5168
PIVOT POINT 5084
iQ ASX Weekly Summary week ending 30th August
Review of prediction from 30th August 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
ACTUAL 5109 – 5209
Market spiked on Monday as the Weekly and monthly upper ranges were cleared. The market was extremely overbought above 5204 and the market retreated for the rest of the week. The market was stuck in the range between 5125 and 5169 for most of the week. Thursday and Friday saw a test of the September monthly stop at 5106 as the bears tested the bulls resolve. In a mirror of last week the market had a strong start to the week and failed to hold the early rally finishing the week with a 27 point gain. The market closed less than 1% higher than a fortnight ago as the flat trading conditions continued.
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ASX200 report tracks the September ASX200 SPI. The ASX200 index is currently trading at a 5 point discount to the futures. All levels in this report refer to the ASX200 SPI futures
The September 2013 futures expire on 19th September 2013
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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