The weekly downtrend has ended flat with the market closing +3 from the 5387 stop. The short term daily is on a downtrend and weakness is expected. Last week the market found strong resistance at the upper range target at 5439. The upside target for this week is 5444 (+5 from last week) indicating a medium term peak in the market looks set at last weeks high.The downside shows support to 5221.

The daily short term downtrend continues to hold with a daily stop for Monday at 5392. This indicates the daily is also flat. The lack of activity is leading to a lack of trend which is consistent with a peak and major turning point in the market.

The market has flat lined and a close below 5359 next week will hold the down trend. Volume was higher last week with average volume seen on Thursday and Friday as sellers started to move. An increase in volume should lead to further falls. The short term daily indicates short positions with the medium term indicating neutral. Refer to daily reports for updates.

Bulls pushed the market to overbought on 3 occasions last week but were unable to force a breakout. The weekly trend closed flat right on the 5387 pivot. The daily, weekly and monthly shows limited upside resistance above 5444 and the bulls will need to hold supports at 5387 and 5359 and break 5444. A close above 5359 will see a new weekly uptrend from flat this week.

Bears have held a push to new highs and closed the market at the lows of last week, Increases in volumes are leading to increased sell side pressure and the daily indicates falls should be expected this week. The market will need to close below 5359 to regain the downtrend. The important supports for next week are 5378, 5336 and 5284.

iQUANT FORECAST RANGE