ASX STOCK REPORT

6 July 730AM

Dow Jones Futures CFD 12,560

TradingLevels:
The price is stalling but not failing at 12600, our guess was to see the price back at 12500 checking for support, if the price finds 12550 as resistance then it will. In many cases after a US holiday they come back with gusto pushing the price up, but not in this case.
The basic premise is the price is above 12500 so the bias is a positive market.
 Elliott Wave: If the price can stay above 12550 the pattern from last night is a small abc correction. So the 12550 is a small line in the sand that will dictate a larger move
Trade Strategy: short under 12550 as resistance and long above, however give it time to settle into this number as support or resistance, the price should continue to swing into it as the balance line. The price is also still in the Channel up, so a move back to 12550 would break the price out of that channel, so it’s positive while it’s in it.

S&P500 CFDs 1,339

TradingLevels:
While the price is above 1330 its positive and the bias is up. A move under 1320 is weakness.
There appears to be reoccurring patterns developing, which you can see on the 30 minute chart, they are the sideways patterns which are growing in size, this is a healthy element for the upside, they would be a series of fourth waves as wave twos are normal sharp, so this does tell us that the top of at least this trend is ending, there may be a push to 1350
Elliott Wave: The trend up is in the later stages
Trade Strategy:

FTSE 100 Futures 6020

TradingLevels: Same - ABC pattern to unfold across 6000 with support SG2 5972
Elliott Wave: The trend up is now out of its channel, so a correction is starting into 6000, be a little carful here as ranges will be short and choppy best to trade another market. If the 6030 top of SG1 finds support then trade up
Trade Strategy: above 6030 long, under this no trade

SPI Futures 4550