The weekly uptrend has ended and a new downtrend has started with a close below 5424.The market is at the upper end of the short term range and the RSI is at elevated levels. Last Wednesday's fall reversed the RSI from extreme levels. The weekly outlook shows limited upside resistance to 5439. The downside shows support to 5281.

The daily short term uptrend continues to hold. The daily stop for Monday is 5395 and a close below this level on Monday will see the market on a downtrend on a daily basis. The weekly upside target is 5439 and any move above this level will put the market at extreme overbought levels again. The daily uptrend continues to trade into the weekly downtrend.

The market continues to break higher and a new daily downtrend and close below 5387 next week will confirm a peak. Volumes remain low as sellers remain patient. Short term momentum continues to push the market higher. The daily will indicate the peak and any move to a daily downtrend will present a selling opportunity. Refer to daily reports for updates.

Bulls held the lower range last week and maintained momentum however the trend changed to a downtrend. The weekly downtrend will be reversed with a close above 5387 at the end of the week. The bulls see limited upside resistance above 5439 and a break of this level may see another breakout.
The daily also shows limited upside resistance above 5440 and the bulls will need to maintain the momentum.

Bears have regained control with a new weekly downtrend. Low volumes see sellers remaining patient and the daily uptrend continues to hold. A new daily downtrend may see volumes increase and a decline in prices. The important supports for next week are 5369, 5350 and 5319. The Weekly stop is +2 from the close indicating there is increased downside risk.

iQUANT FORECAST RANGE