Indices  Trading CFDs Dow Jones, SPI SP500 FSTE Analysis  Part of the 7.30AM Report

Dow Jones CFD 12,096
TradingLevels: While the price is above 12,000 it’s supported and therefor can make that new high. There is also the bearish wave count that can see the market moving lower, so as mentioned yesterday we simply have to wait for a clearer pattern that can offer a stronger bias of direction
Elliott Wave: Positive count; the abc correction can be completed and the price can make a new high. Negative count would see the price stay under the 12,200 or 12,172
Trading Strategy:  It’s like the Euro is drowning and the Dow is trying to swim, trying to keep its head above water. There are two wave counts and neither are clear enough to call in a strong enough way. The SP500 is under 1250 and Shanghai is making new lows, the Dow seems to be on its own, however the ASX200 is also reluctant to move low from the 4200. I guess we could say that if the 12,150 high from last night is taken out we can then expect a new high, because the move up last night to 12,150 can be counted as and abc to that price point. Also adding to that if 12,100 develops support then that is a part of the bullish storey and if that is the case then being long on subgroup1 12,130 is the set up and on the short side the 12,072 as retested resistance is for the short side

S&P500 CFD: 1240
TradingLevels: SubGroup1 (SG1-1210|1220|1230) is a good support, however it’s the Midpoint 1250 as support that creates any long trades, while its under 1250 the market is bias bearish and therefore short trade set ups
 Wave count: Like the Dow there are two wave counts one positive and one negative, so that’s not much help to us.
Trading Strategy: It’s safer not to be long while the price is under 1250, as a straight out bet you would be short. The Euro is leading the way and the SP and Euro will pull together.

FTSE 100 CFD: 5492
TradingLevels: The Dax is trading down lower and the FSTE is trading higher like the Dow, the FSTE is retesting 5500, if it finds it as support then be long, if not the short would come under the 5472 as retested resistance
Elliott Wave: Same as the Dow, there are two possible counts, support on 5500 would offer bias bullish, but the divergence between the Dax and Fste maybe short lived as 50% of UK business in done in Europe
Trading Strategy: There is no clear direction with the wave count, so you either wait and see if support is developed at 5500 and then trade long from 5530 SG1 support or look at SG2 5480|5472|5465 as resistance, adding through these price points as resistance  

SPI CFD 4200
TradingLevels: 4200 is the line in the sand, support on 4230 SG1 creates the long trades and 4200 and SG2 4180|4172|4165 as resistances creates the scaling in of the short trade
Elliott Wave: A move under 4172 would create the current pattern at 4200 over the last two sessions corrective an abc and further downside towards 4100, however support on 4200 creates the upside, there are two counts in the US Indices and I am unclear which is right, so we have to wait. But support on 4200 and then 4230 SG1 is positive
Trading Strategy: Long on 4230 and short at 4172