Technical Analysis Daily CFD Trading Report 20 May

Dow Jones 15,354 +0.80%
SP500 1,667 +1.03%
NASDAQ 3,028 +0.99%
FSTE 6,723 +0.53%
Base Metals Steady
US Spot Gold 1359
US Spot Silver 2223
Oil WTI 96.28
US Copper CFD 331
US Dollar CFD 84.70
EURUSD 1.2835
AUDUSD 0.9729
DJI CFD 15,343
S&P500 CFD 1665
FTSE 100 CFD 6742
DAX CFD 8445
Shanghai Comp 2282
ASX 200 CFD 5204

Market Analysis Summary

Stocks – Continue to hold US Gold short along with Australia gold stocks NCM PRU MML. Traders that have been buying BHP will be glad to know the move up has the bias of forming an Elliott impulse wave. This impulse wave offers the minor degree direction so continue to find entries.


Commodities

US Spot Gold 1359
TradingLevels The minorlevel mTL3 1,300 a target, between the current price and 1300 are the sublevels. The next step in the process lower is SG2 1380|1372|1365 developing as the next tested resistance.  The midpoint 1350 is the next support that requires navigation as a bounce would be expected.  Once the midpoint is resistance then its lower to Subgroup1 SG1 1330|1320|1310 expect orders here and therefore choppy price action, the first bounce off 1330 will retest 1340 then work lower through SG1 to 1300   
Elliott Wave: The main point is that the trend has further to unwind lower, in a series of wave fours and fives, such as a bounce off 1350 back to 1372|1380 roughly as Wave iv before further downside
Strategy: Longer term traders hold short to 1300. Short term traders short failed retested rallies, firstly in SG2 1380|1372|1365 then with the view of shorting the tested resistance of 1350 the midpoint to 1330.  There is still opportunity in shortly gold stocks with CFDs

US Spot Silver 2223
Technical Analysis: Use the same wave count as gold, the first bounce off 2200 is Wave iv and even though the market will work lower, it will do so in a series of waves four and fives, meaning lower corrective rallies of 38% however the corrective rallies will tend to develop more and more complicated, such as side way patterns with internal over lapping wave structures.  The major tradinglevel target is TL2|20.00 the minor tradinglevels as minor group1 are 2300|2200|2100 each one of these levels will have orders waiting and therefore require a strategy to navigate

Oil WTI 96.28
Technical Analysis: Oil follows stock.  The market on the minorlevel midpoint mTL5|95.00 offer this market the support required for higher ground.
The Elliott wave analysis is an impulse (five waves) up from the last low near 92.00.  After five waves comes an bullish corrective pattern an abc 5-3-5 structure followed by further upside, the abc should see the market back testing 95.00.  That’s said, from a trading point of view the 9650 as tested support create the longs to 9720. In the bigger picture this is a retest of supply at the major tradinglevel TL1|100.  The 98 will see profit taking and you need to roll with that, 8 is always a profit taking number and you should do the same, that way you are working with the flow of the markets

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.29+
US Nickel:             Last: 6.68-
US Zinc:                Last: 0.8185+
US Aluminium       Last: 0.8170+

US Copper CFD 331
The 330 as support creates the bias for the upside, the evidence within the internal wave structure is starting to confirm new high will be coming, which would support the impulse wave up for AU BHP as five waves, which would also support our views on higher Shanghai and Shenzhen.  So the global materials sector is now starting to create the bias of further upside.  

Forex

US Dollar CFD 84.70
TradingLevels:  mTL5|85.00 is the next minorlevel target. Tested support on top of 84.30 creates the 84,50 midpoint as the target and support on 84.50 creates the SG2 8480|8472|8465 as the target
Elliott Wave: Intraday, the pattern forming across the top SG1 84.30 appears to be a small corrective wave four, this would see the market to 84.50 where a larger corrective pattern would be expected.  The main point in the bigger picture Minor degree, the trend is up.

EURUSD 1.2835
TradingLevels: When the 1.28 - 2820 becomes the resistance, expect further downside
Elliott Wave: Wave 4) of v of (iii) into SG2 12772
Trading Strategies: Long term traders continue to hold short. Short term minorlevel traders can cover shorts into 128 and 12772 zone and wait for resistance at 128 or higher we just need to wait for the Wave (v) to complete and then the next corrective rally.
Intraday traders, can look to short the current bounce of 128, either when the 12820 becomes the resistance or a failed retest higher at 12850. While the market is supported on 12830|20 the market is positive.

AUDUSD 0.9729
TradingLevels: The intraday trend is lower towards 96.  First expect the market to work through 97, the supportive bounce, then a move lower to 9650, then the retest back to 97 and then down to 96  
Elliott Wave: The Elliott wave trend lower is still unfolding and has further lows to make, expect a bounce off 97 as A Wave iv retesting .98 or .9772.  The wave four of one lesser degree is 9770.  This bounce would first require the Wave iii low to be created around the .97
Trading Strategies: Sell failed rallies or second retests of important level that coincide with the Elliott wave count   

Indices

DJI CFD 15,343
TradingLevels:  If 15,300 becomes tested support then the next target is 15,500
Elliott Wave: Same - Wave v of (v) A top can now be in place
Trading Strategies: Same - lock profits all profit now

S&P500 CFD 1665
TradingLevels: Small corrective pattern at 1665 then 1672 as the next target. SG2 1665|1672|1680
Elliott Wave: Wave 3) of v
Trading Strategies:  Support on 1665 creates the 1672 target.  Expect a small corrective wave four at 1665

FTSE 100 CFD 6742
TradingLevels: Markets are extending higher and have further to go. Support on 6750 would see the market at 6572|80
Elliott Wave: Small wave four across the midpoint 6750 and then wave five higher into SG2 6765|6772|6780 Support on 6772 creates the 6800 as the target this is a profit taking number (8) so a larger corrective process would unfold

DAX CFD 8445
TradingLevels: Next minorlevel target is 8,500.  Expect a larger corrective pattern at 8500

Shanghai Comp 2282
The next step is for the top of minor group1 2300 to develop support.  As support would create the mediumlevel 2500 as the next target

ASX 200 CFD 5204
TradingLevels: Tested support on 5200 creates a foundation for higher ground.
Elliott Wave: The move down from the high 5250 to the last low 5150 is in three waves, i.e. corrective, but only support on 5230 would help the case for new highs, because this corrective pattern could simply get larger before making a new high. The Base metals are supportive of a higher market.
Day Trading Strategy: Support on 5200 is the second step after 5172 (SG2 72) then the top of SG1 5230 as this get the market to 5250. Going long, use the 5200 and the levels within SG1 to build the trade positions SG1 5210|5220|5230 and take profits at 5250 and wait for support

Quote

“A doctor goes to medical school for four years before practicing medicine; a lawyer goes to law school for three years before beginning the practice of law; why then does a sufficient amount of money with which to trade qualify an unschooled individual to be a trader?”  W.D. Gann

Today's Financial Events
Australian Time AEST
9:01am            GBP    Rightmove HPI m/m
All Day            CHF    Bank Holiday
All Day            EUR    French Bank Holiday
All Day            EUR    German Bank Holiday
All Day            CAD    Bank Holiday
3:00am            USD    FOMC Member Evans Speaks

ASX Reporting & Dividends >

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck

Technical Analysis Daily CFD Trading Report 14 May

Dow Jones 15,091 -0.18% (6.25AM AEST)
SP500 1,633 -0.00%
NASDAQ 2,982 +0.04%
FSTE 6,631 + 0.10%
Base Metals Steady
US Spot Gold 1434
US Spot Silver 2365
Oil WTI 95.00
US Copper CFD 335
US Dollar CFD 83.15
EURUSD 1.2975
AUDUSD 0.9950
DJI CFD 15,089
S&P500 CFD 1633
FTSE 100 CFD 6639
DAX CFD 8281
Shanghai Comp 2241
China CFD 11,065
ASX 200 CFD 5114

News
Wall Street’s biggest bond dealers are starting to forecast that the U.S. Treasury will reduce the size of its debt auctions in coming months for the first time in three years as government revenue soars.

Commodities

US Spot Gold 1434
TradingLevels As long as the last low at 1419 stays in place then there remains a count to the upside bias. If the 1420 the pivot within SG1 of 1400 becomes the tested resistance then then this creates another layer of negativity as the 1472 and the midpoint 1450 have created.
Elliott Wave: There is a bullish count remaining, because of the three waves down from the 1487 to 1419. So position sizing for short trades should still be kept smaller until we have a clear impulse wave down followed by the three wave counter trend for the set up short.
Strategy: SG1 1430|1420|1410 as resistance would be tradable lower, expect a bounce off each level and also the 1400

US Spot Silver 2365
Technical Analysis: The pattern over the last two session is likely a bullish abc corrective pattern with the 61.8% retracement level around 2345

Oil WTI 95.00
Technical Analysis: Retesting 95.00 as support, while the US indices move sideways in an intraday corrective triangle pattern as Wave iv which therefor should see further upside in soon and Oil should follow. That said the USD is edging higher which does place pressure on commodities so we can’t expect strong moves in Oil

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.34+
US Nickel:             Last: 6.95-
US Zinc:                Last: 0.83-
US Aluminium       Last: 0.82-

US Copper CFD 335
There was a reasonable chance for copper to move higher, however the pattern overnight isn’t displaying a clean impulse wave up, it’s more corrective, so we have to expect more corrective price action above the 330.
I won’t jump to concussions just yet on direction, as the US indices are traveling sideways in a Wave iv corrective pattern, when they do move higher, copper may move with them, so for the time being, as long as copper stays above the 328|330 the first support resources will remain steady.. That said Tue, Wed and Thursday are the choppy swing days.

Forex

US Dollar CFD 83.15
TradingLevels:  It’s all about the market developing support on the top of minor group1 mTL3|83.00 when this is done expect further upside and short the Euro
Elliott Wave: the abc across 83.00 is corrective, so further upside is on. The trade triggers are support on SG1 83.30 followed by support on the midpoint 83.50 

EURUSD 1.2975
TradingLevels: The market is working through the 130, while the market is being support by group2 12980|12972|12965 and the midpoint 12950 the market will continually test 130, the Wave (ii) rally can move as high as 131 however the 10350 is more feasible, the main point here is that we are looking for the top of the Wave (ii) rally to gain a long term short trade with the 128 as the first target
Elliott Wave: Wave (ii) rally is unfolding now it can reach 13050 but may not reach that high.
Trading Strategies: Short trade setting up. Two scenarios to get the short trade, firstly if the market simply drops below the 1.2950 then get a few short positions with the view of adding once the 1.29 becomes the resistance. Second the abc rally is expected to move above the 1.30, if this is the case we can look at shorting if the market trades above 13020 and then finds the 1320 as resistance. and the same from the midpoint 13050 if the market trades above 13050 and then develops the 1350 as resistance then short from there. We are taking about a strong Wave three lower with the first target at 1.28  

AUDUSD 0.9950
TradingLevels: Essentially the market is working through 1.00 and we expect it to work lower in line with the wave count, so its suited more for position traders holding short while its moving through 1.00 as there will be a series of retest rallies as it edges lower
Elliott Wave: Looking for Wave (iii) low then Wave (iv) back into and above 1.00 and then down for Wave (v) of iii)
Trading Strategies: Longer term short hold short. Intraday traders use the microlevels as tested support or resistance.

Indices

DJI CFD 15,089
TradingLevels:  Same - Support on 15,100 set the next target at 15,200
Elliott Wave: Wave (iv)  the Wave (v) upwards
Trading Strategies: Tested support on 15100 through scale in through SG1 with the target close to 15200

S&P500 CFD 1634
TradingLevels: 1640 is the next whole number
Elliott Wave: Wave (v) to 1640. The 1650 is the Mediumlevel resistance
Trading Strategies:  Should be long above 1630 (1633 tested support)

FTSE 100 CFD 6639
TradingLevels: Same - Support on top of SG1 6630 creates the long for new highs to 6650
Elliott Wave: Wave v of (iii)

DAX CFD 8281
TradingLevels: Same - Look for tested support on 83.00 then scale in through SG1  The 8272 is an important price point that can be used for longs

Shanghai Comp 2241
The Shanghai is lagging he Shenzhen, so expect the Shanghai to edge higher
China CFD 11,065
Larger corrective abc corrective across 11,000 with support at 10,800, but expect a bounce off 11,000


ASX 200 CFD 5114
TradingLevels: While the market is above 5200 its support and long trades would have the bias to Wed as the high.
Elliott Wave: The pattern across 5200 appears bullish corrective.
Day Trading Strategy: Use SG1 to build the trade long.

Technical Analysis Summary
US Indices – Wave (iv) completed and Wave (v) upwards
EURUSD setting up for long term short.

Quote
"I'm more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand." - Marty Schwartz.

Today's Financial Events
Australian Time AEST
8:45am            NZD    Retail Sales q/q
                        NZD    Core Retail Sales q/q
9:01am            GBP    RICS House Price Balance
9:50am            JPY     CGPI y/y
1:45pm            JPY     30-y Bond Auction
4:00pm            EUR    German Final CPI m/m
                        JPY     Prelim Machine Tool Orders y/y
7:00pm           EUR    German ZEW Economic Sentiment
                        EUR    Industrial Production m/m
                        EUR    ZEW Economic Sentiment
                        GBP    CB Leading Index m/m
All Day                        EUR    ECOFIN Meetings
7:30pm           AUD    Annual Budget Release
9:30pm            USD    NFIB Small Business Index
10:30pm          USD    Import Prices m/m

ASX Reporting & Dividends > 

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Technical Analysis Daily CFD Trading Report 13 May

Dow Jones 15,115 +0.24%
SP500 1,633 -0.43%
NASDAQ 2,981 +0.67%
FSTE 6,624 + 0.49%
Base Metals Steady
US Spot Gold 1447
US Spot Silver 2385
Oil WTI 95.90
US Copper CFD 338
US Dollar CFD 83.15
EURUSD 1.2989
AUDUSD 1.0020
DJI CFD 15,100
S&P500 CFD 1632
FTSE 100 CFD 6633
DAX CFD 8293
Shanghai Comp 2246
China CFD 11,256
ASX 200 CFD 5117

News
New highs for US Stocks and further to go..  

Commodities

US Spot Gold 1447
TradingLevels If the 1440 becomes the retested resistance, then the taking our of the 1419 low would be the trigger to short. While the market stays above 1430 the market is still supported. The 1420 and 1472 is the new trading range, after three swings within this range we should the 1450 ending up as support or resistance, we can look at the internal wave structure at that point to work out the direction, as the pattern above 1420 can still be corrective or part of an impulse wave lower
Elliott Wave: The move down from the 1487 high to the current low 1420 is still in three waves i.e. bullish corrective, if the 1420 low is taken out then it would be bearish
Strategy: Short the breaking of 1420 other wise there is still scope for new highs.

US Spot Silver 2385
Technical Analysis: Intraday, expect an abc retracement down from the 2400 area, back to 2370 area. If the move down is in three waves then expect a move higher through the 2400. The 2350 as tested resistance would give a bearish bias.

Oil WTI 95.90
Technical Analysis: The pattern across 95.00 over May is in three waves that is bullish corrective, so the market is still positive

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.34+
US Nickel:             Last: 7.11+
US Zinc:                Last: 0.83
US Aluminium       Last: 0.82-

US Copper CFD 338
While the market is above the top of group1 330 then the market is positive and further upside should be expected, this will stabilise the resources.

Forex Trading

US Dollar CFD 83.15
TradingLevels:  Expect an abc corrective pattern across mTL3|83.00 and then look for support on 83.00 for further upside.
Elliott Wave: the abc across 83.00 is Wave iv 

EURUSD 1.2989
TradingLevels: The market will swing across 130 a few time and end up as support or resistance, the bias is resistance, but as always trade what you see. If it is resistance then you know the Elliott count is right
Elliott Wave: Five waves down from the 1.3193 to the current low 1.2935, so expect to see and abc retracement. How high is the question it maybe to 1.3050 or higher towards the 50/62% 1.31 area, we are better off count the abc 5-3-5 structure. The bias would be for a lower retracement taking into consideration of the possible Wave iii) of (iii) scenario
Trading Strategies: Wait for the abc bounce to run out of stream and then look for short trades.  The USD would also require support on 83.00 aft it has its abc across 83.00

AUDUSD 1.0020
TradingLevels: Expect about five swings across 1.00 over the week ahead as a series of waves four and five unfold
Elliott Wave: Wave iv rally above 1.00 (possibility back to 1.01) and the Wave v of (iii) below 1.00 making new lows
Trading Strategies: Longer term short.  Short term traders need to understand the Elliott count within their degree of structure they are trading and of course the retesting or the levels within that degree of structure can be useful  

Indices

DJI CFD 15,100
TradingLevels:  Support on 15,100 set the next target at 15,200
Elliott Wave: The pattern across 15,100 is corrective, so the bias is higher in the following session
Trading Strategies: Tested support on 15100 through scale in through SG1 with the target close to 15200

S&P500 CFD 1632
TradingLevels: Support on top of SG1 1630 is critical for further upside and the support is developing, it’s just not tested support as yet, but the bias is that is will, because of the wave structure
Elliott Wave: The pattern across 1630 is corrective so expect new highs
Trading Strategies:  Long on the 1630 tested support and the break of 1635

FTSE 100 CFD 6633
TradingLevels: Support on top of SG1 6630 creates the long for new highs
Elliott Wave: Wave v of (iii) still expanding upwards

DAX CFD 8293
TradingLevels: Look for tested support on 83.00 then scale in through SG1

Shanghai Comp 2246
There can be more corrective pattern at 2230 before further upside. The 2200 as resistance creates the bearish bias
China CFD 11,256
Same - Corrective pattern playing out in three waves across 11,200 once completed expect further upside


ASX 200 CFD 5117
TradingLevels: The market is working through mTL2|5,200 within the SG1 5230 and the SG2 5172 range, as long as the market stays above 5150 the midpoint the trend is up, that said a test of SG2 5180|5172|5165 can easily occur and if the market does move below 5200 to test lower and then returns to develop support on 5200 then that is the long trade set up. If the 5230 the top of SG1 develops support then its long from there
Elliott Wave: Wave iv vibrating across 5200 then Wave v of (v) of iii) 5230-50 area
Day Trading Strategy: 5220 as support could be good enough for a long trade

Technical Analysis Summary
US indices have further upside, new highs.
Base metals can have further upside which in turn will continue to lift resources.
The USD is moving higher and should continue to move higher while crosses in the other direction

Quote
"Tactics without strategy is the noise before defeat." - Sun Tzu

Today's Financial Events
Australian Time AEST
8:45am            NZD    FPI m/m
9:50am            JPY     M2 Money Stock y/y
11:30am          AUD    Home Loans m/m
                        AUD    NAB Business Confidence
12th-16th         NZD    REINZ HPI m/m
3:30pm            CNY    Fixed Asset Investment ytd/y
                        CNY    Industrial Production y/y
                        CNY    Retail Sales y/y
13th-15th         EUR    German WPI m/m
5:15pm            CHF    Retail Sales y/y
All Day                        EUR    Eurogroup Meetings
10:30pm         USD    Core Retail Sales m/m
                        USD    Retail Sales m/m
12:00am          USD    Business Inventories m/m

CFD Trading Report Free Trial >

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

DayAhead 10 May

(Sorry, No Sound on Video)

Dow Jones 15,082 -0.15% (6.40AM AEST)
SP500 1,626 -0.37%
NASDAQ 2,961 -0.24%
FSTE 6,592 + 0.14%
Base Metals Mixed
US Spot Gold 1464
US Spot Silver 2390
Oil WTI 96.20
US Copper CFD 336
US Dollar CFD 82.80
EURUSD 1.3020
AUDUSD 1.0080
DJI CFD 15,080
S&P500 CFD 1627
FTSE 100 CFD 6585
DAX CFD 8245
Shanghai Comp 2233
China CFD 11,197
ASX 200 CFD 5196 


News
USD moves higher placing pressure firstly on FX pairs then stocks then commodities

Commodities

US Spot Gold 1464
TradingLevels The SG2 1472 is the line in the sand for being long or short and using the other SubLevels within SG2 for adding positions to the trade. That said the market is traveling sideways in the SG2 to 1440 trading range and it appears that another high can be made to 1500 before the rally is completed, but as mentioned you would need the 1472 as a solid retest of support before being long. The other bearish set would be the midpoint 1450 becoming the tested resistance and adding to the positions if the 1440 became the resistance
Elliott Wave: Same - The patterns above 1440 are corrective so expect new highs
Strategy:

US Spot Silver 2390
Technical Analysis: SG2 2380|2372|2365 as resistance creates the short trade, adding to the trade when the midpoint 1350 becomes the tested resistance. Any long trade would require 2400 as the tested support and the top of SG1 2430 as support of the lift higher

Oil WTI 96.20
Technical Analysis: The 96.50 is the 50% between 95 and 98 minorlevels and the 96.50 always has a say, long trades would also need to have this as tested support. Other subtle price points apart from the 98 are 9720 and 9772 plus the normal sublevels.  While the 95 is support the market is supported and the bias is higher to 98 the next level, also as mentioned the other day there is a daily trendline of resistance at these current highs.  The 95 as resistance creates the bearish bias for shorts especially with a higher USD which we are expecting.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.32-
US Nickel:             Last: 6.92+
US Zinc:                Last: 0.83-
US Aluminium       Last: 0.83-

US Copper CFD 336
Wave 5) of C to 340… The support is 330 the top of minor group1. We are looking for five waves up to the 340 area so a top can now be in place. At minimum expect and 5-3-5 lower into 330.. Expect some sort of top in the materials sector XMJ into 9800, the same for BHP across 34.00 and RIO at current highs

Forex

US Dollar CFD 82.80
TradingLevels:  The strong move up obviously confirms the Wave (iii) is under way to make new highs, which in turn creates the short for the Euro. The USD, bonds and notes are not really in line together and this is a bit of a concern, but we will stay with the current wave count on the dollar as its unfolding reasonably accurately, but just be mindful correlations aren’t supportive.  

EURUSD 1.3020
TradingLevels: The top of minor group1 1.30 should soon become the resistance, which creates the first bearish stage. While the USD is working 83.00 the top of Minor Group1 the Euro will also be working through its Group1 1.30 Expect a corrective bounce off 1.30
Elliott Wave: Wave iii) of 3
Trading Strategies: Longer term short. The short term requires understanding of the current structure of the impulse wave down and the process of the market working around the 1.30, once the five waves down are completed expect a shallow three wave abc retracement which would be a good short trade set up or the trend trader could sell positions at a variety of price point spreading the risk over time and space

AUDUSD 1.0080
TradingLevels: Expect moves below 1.00
Elliott Wave: Wave iii low forming, expect wave iv back into 101 and then down
Trading Strategies: Continue to look for shorts, especially in the NYSE session

Indices

DJI CFD 15,080
TradingLevels:  15,100 (mTL1) as resistance would send the market back to 15,000, support on 15,100 would see the market at 15,200, so you need to recognise what is tested support and tested resistance, the volume can help with this.
Elliott Wave: Wave (iii) high in place, so expect  Wave (iv) retracement into 15,000
Trading Strategies: Is a 50/50 bet of the market retesting 15,000 from the 15,100, but we are looking for the top of wave (iii) and the Euro is moving lower while the USD is moving higher, but the bonds and  notes aren’t correlation very well with the USD over the last few weeks, so something is a drift. Trade what you see from a sublevels point for view

S&P500 CFD 1627
TradingLevels: Its normal to see a corrective pattern across the top of SG1 1630 and we should allow it time to develop the 1630 as support or resistance. If the pivot the 1620 becomes the resistance then we will see a move lower to 1600, if support is found on 1630 then expect a move to 1640
Sentiment; the USD has moved higher confirming Wave three upwards and sending the Euro sharply lower, this can influence the top here, we were looking for the top of Wave (iii) at 1640, but the 1635 may have don’t the trick, any way the 1620 as support or resistance is the key to direction so work with that
Elliott Wave: an abc corrective pattern across 1630 that need to stay above 1620
Trading Strategies:  Long on the 1630 tested support and short from the tested resistance of 1620

FTSE 100 CFD 6585
TradingLevels: Expect corrective patterns at 6600
Elliott Wave: Wave (v) at 6600

DAX CFD 8245
TradingLevels: Support on 8300 the top of minor group1 would see 8500 as the target, that said we have to treat the move above 800 as the first high above the level and if the 8300 does not develop support then the market will fold back to 8000. Also the current move up in line with the FSTE is in  five waves that are in the later stages.

Shanghai Comp 2233
Expect a retest into 2200
China CFD 11,197
Corrective pattern playing out in three waves across 11,200


ASX 200 CFD 5196 
TradingLevels: The market is working through mTL2|5200 the corrective swing range is SG1 5230 and SG2 5172|5165 this zone will be corrective over the sessions ahead. The Cash market had a Doji bar on the daily equal buyers and sellers, this battle require a resolution so the give the 5200 time to play out don’t get caught in it too early
Elliott Wave: Wave iv vibrating across 5200 then Wave v of (v) of iii) 5230-50 area
Day Trading Strategy: If 5200 becomes the support trade long through SG1 to 5230 exit, if the 5230 becomes support move back in long, if not expect a larger correction back down across 5200

Technical Analysis Summary
All the global indices are in line with the current wave counts and there is further upside to come, in most case we are looking for the top of Wave (iii).
The USD is still in corrective mode, which is good for indices and commodities to move higher

Quote
"It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you're wrong."

Today's Financial Events
Australian Time AEST
11:30am          AUD    RBA Monetary Policy Statement
3:00pm            JPY     Economy Watchers Sentiment
4:00pm            EUR    German Trade Balance
10th-15th         EUR    German WPI m/m
6:00pm            EUR    Italian Industrial Production m/m
6:30pm            GBP    Trade Balance
Day 1              ALL     G7 Meetings
10:25pm          USD    FOMC Member Evans Speaks
10:30pm         CAD    Employment Change
                        CAD    Unemployment Rate
11:30pm         USD    Fed Chairman Bernanke Speaks
4:00am            USD    FOMC Member George Speaks
                        USD    Federal Budget Balance
Sat: Day 2      ALL     G7 Meetings

ASX Reporting & Dividends > CLICK

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

Technical Analysis Daily CFD Trading Report  9 May

Dow Jones 15,105 +0.32% (6.30AM AEST)
SP500 1,632 +0.41%
NASDAQ 2,968 +0.52%
FSTE 6,583 + 0.40%
Base Metals positive
US Spot Gold 1470
US Spot Silver 2389
Oil WTI 96.50
US Copper CFD 336
EURUSD 1.3150
AUDUSD 1.0180
DJI CFD 15,090
S&P500 CFD 1632
FTSE 100 CFD 6592
DAX CFD 8251
Shanghai Comp 2246
China CFD 11,277
ASX 200 CFD 5216 

News
NEW YORK--Stocks continued to cruise higher as the Standard & Poor's 500-stock index reached for its fifth-straight record high.

Commodities

US Spot Gold 1470
TradingLevels The 1440 (144) is a solid support ,so long trades can place stops under the 1440 with the view of adding on support of 1472 and the target close to 1500. The USD is lower and still has a further to fall over the next session or two
Elliott Wave: The patterns above 1440 are corrective so expect new highs
Strategy: Long

US Spot Silver 2389
Technical Analysis: Much the same, support on 2400 creates long trades and 2372 as tested resistance creates short trades

Oil WTI 96.50
Technical Analysis: There is now tested support on mTL5|95.00 so the next target is mTL8|98.00 . Trade Long.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.33+
US Nickel:             Last: 6.89+
US Zinc:                Last: 0.84+
US Aluminium       Last: 0.84+

US Copper CFD 336
Wave 5) of C to 340… Expect BHP and RIO etc. to climb higher, start counting five waves from their lows and trade long

Forex

US Dollar CFD 81.93
TradingLevels:  The abc is not completed and the pivot within SG1 the 82.20 as resistance is the point of recognition. The move down is Wave c in five waves that aren’t completed.  The retest of 82 is Wave 4) of c of (ii) of course the last low at 81.35 must stay in place otherwise there would be a move down to 80, as the 82 is the pivot in Minor Group1.  This market needs the 82.00 as support to stay bullish it’s that simple.

EURUSD 1.3150
TradingLevels: The 1.32 must stay in place as resistance for the current pattern to remain bearish and the move up as a corrective bear rally.
We also have to remember that the market is above the top of minor group1 the 1.30 which is supporting the market.  The 131|132|133 is subgroup1 and in SG1 the 132 is the pivot, so while the market is under the 132 it’s a bearish bias.
The Subgroup is one lesser degree of the Minor group, the minorlevel is stronger than the sublevel, so it’s all about degrees of structure and the structure you trade within using the market testing a price level to trade from as support or resistance, the Elliott can help with the direction, but trade from a tested price point.
Elliott Wave: As long as the 132 stays in place we can look at this rally as wave c of 2
Trading Strategies: Allow the market time at the midpoint 13150 to develop as support or resistance and use that to trade in either direction.

AUDUSD 1.0180
TradingLevels: The 102 resistance is holding…
Elliott Wave: A larger Wave iv at 102, expect new lows..
Trading Strategies: Short..

Indices

DJI CFD 15,090
TradingLevels:  15,100 resistance, the fist minorlevel (mTL1) above the mediumlevel 15,000 (ML15)
Elliott Wave: Expect a reaction at 15,100 and abc corrective pattern and if support if found after a corrective pattern, trade long of the 15,100 tested support to 15,200
Trading Strategies: Wait for support on mTL1|15,100 and build a long trade through SG1 of mTL1 with the 15,200 as the target or SG2 15,172

S&P500 CFD 1632
TradingLevels: 1630 is the top of SG1, if support is found on 1630 then the 1650 is the target. That said expect a corrective pattern across 1630 and then look for tested support
Elliott Wave: Looking for the top of Wave (iii)
Trading Strategies:  The target is higher at 1650 so it all depends on the degree of structure you’re trading. The 1630 as support after a corrective pattern is the key to the upside and its expected, so if you have been long from lower levels such as SG2 or 1600 then hold long through the Wave (iv) corrective process and look to add to the trade into Wave (v)

FTSE 100 CFD 6592
TradingLevels: Expect a reaction at 6600, if after the reaction / correction pattern the market gains support on 6600 trade long building the trade through SG1 of 6600 that is 6610|6620|6630. The FSTE is also facing trendline resistance at 6600 from the 2000 and the 2007 and 2008 highs, the Dax has broken its highs, so perhaps the FSTE will tag along..
Elliott Wave: Wave (v) at 6600

DAX CFD 8251
TradingLevels: This market has made new all-time highs above the 2000 high, which is a sing of more to come..

Shanghai Comp 2246
Same - Establishing the lows.. expecting a move upwards
China CFD 11,277
Target 11500 mediumlevel, trading look for tested support on 11300


ASX 200 CFD 5216 
TradingLevels: The classic tradinglevels pattern is at 5200 as support in the first instance, there can be another pattern like this but larger across 5200. The second step is to develop support on top of SG1 5230 which would get the price to 5250 as the target, if the 5230 fails as support then it’s back to 5200
Expect
Elliott Wave: Wave (iv) is completed and the move up is on higher volume confirming the price action. Wave (v) up into new highs
Day Trading Strategy: Wednesday can be the V shape intraday pattern with Thursday as the bear day, so caution is required. The 5150 is he support to work from and the 5165|5172|5180 is the resistance.

Technical Analysis Summary
All the global indices are in line with the current wave counts and there is further upside to come, in most case we are looking for the top of Wave (iii).
The USD is still in corrective mode, which is good for indices and commodities to move higher

Quote
Always trade from the testing of price using the volume to confirm the price action

Today's Financial Events
Australian Time AEST
8:45am            NZD    Employment Change q/q
                        NZD    Unemployment Rate
11:30am          AUD    Employment Change
                        AUD    Unemployment Rate
                        CNY    CPI y/y
                        CNY    PPI y/y
9th-15th           CNY    New Loans
9th-15th           CNY    M2 Money Supply y/y
3:00pm            JPY     Leading Indicators
All Day                        CHF    Bank Holiday
All Day                        EUR    French Bank Holiday
All Day                        EUR    German Bank Holiday
6:00pm            EUR    ECB Monthly Bulletin
6:30pm           GBP    Manufacturing Production m/m
                        GBP    Industrial Production m/m
Tentative        EUR    Spanish 10-y Bond Auction
9:00pm           GBP    Asset Purchase Facility
                        GBP    Official Bank Rate
Tentative        GBP    MPC Rate Statement
10:30pm          CAD    NHPI m/m
                        USD    Unemployment Claims
12:00am          GBP    NIESR GDP Estimate
                        USD    Wholesale Inventories m/m
12:30am          USD    Natural Gas Storage
3:00am            USD    30-y Bond Auction

ASX Reporting & Dividends > CLICK

NOTES:
1. Check the ASX Dividend & Reporting check the company financial calendar before trading
2. Prices may change as this report is written while US markets are trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

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