INDICES
AUSTRALASIA
ASX – 5829 ( +73 or +1.27% )
The ASX managed to close higher last week but sellers have not disappeared just yet.
VOLATILITY ALERTS:
Tue 11:30 – Monetary Policy Meeting Minutes
Thu 11:30 – Unemployment Rate
For a continued move higher we must now see the ASX hold above 5823. A strong close above this level could see a move to 5921 and 5985. Should we break through 5985 we may see a quick retest of 6000; and if momentum is very strong we cannot rule out a move to 6140.
If the ASX cannot hold above 5823, we will look for a move back down to 5777 and 5746. A strong break and close below this level could see the ASX test 5703, and if momentum is strong we could quickly see a further move down into 5668.
EUROPE
DAX – 12446 ( +264 or +2.17% )
The DAX was the strongest performer amongst our list last week and this market is now approaching our key upper levels.
VOLATILITY ALERTS:
Tue 19:00 – German ZEW Economic Sentiment
Fri 21:30 – German Buba President Weidmann Speaks
For a continued move to the upside we must now see the DAX hold above 12384. Should this occur we will look for a move 12566. A strong break of this level could then see the DAX rally quickly to 12640; and if momentum to the upside is very strong we cannot rule out a move to 12714.
If the DAX fails to hold above 12384, we could see a move back down into 12205; with a break below paving the way for a move down into 12115 before a pause. A break below this level however could result in a quick move into 12040, and if momentum to the downside is very strong we cannot rule out a move back down to 11875.
US
SP500 – 2658 ( +53 or +2.03% )
The S&P managed to grind higher last week but faced stiff resistance at many of our key levels.
VOLATILITY ALERTS:
Mon 22:30 – Retail Sales (monthly)
Tue 22:30 – Building Permits
Thu 22:30 – Philly Fed Manufacturing Index
For a move higher we would like to see the S&P hold above 2638. Should this occur we will look for a retest of the key 2660 level. A strong break and close above this level could see another retest of 2680, and if momentum remains strong to the upside we cannot rule out moves to 2720 and 2736.
If we cannot hold above 2638, we could see this market continue to sell-off into 2590 before a pause. A break below this level however could mean this market retraces lower into 2562; and a close below this level may see a retest of 2540.
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