free commodity charts
Mid-Week US Dollar, Oil, Gold and SP500
It’s been another strong week for equities but are stocks and commodities about to get hit with some selling pressure?
I have put together a short video coving all of these investments but here is my Coles Note Version:
US Dollar
The Dollar is way oversold and looking ready for a multi day bounce. This will put pressure stocks and commodities.
Crude Oil
Oil is trading at resistance and with the Fed minutes reported today saying they are some what concerned about the economy still this pulled oil down late in the day. Also if the US Dollar bounces it will add downward pressure to oil.
Gold
It’s a tough call on gold because it could go either way here… It could be seen as a safe haven in stocks fall in the coming days, or if the US Dollar moves up then it will put more downward pressure to gold. I feel money can be made a breakout to the up side or the down side. Explained in the video.
SP500
Stocks are overbought across the board making things look toppy. We are seeing good earnings from Alcoa, CSX and Intel but the stocks are selling off on the good news which is a bearish sign for the equities market overall. The SP500 gapped up on Tuesday and has been trading sideways in a tight sideways channel building power for the next breakout. Tension is building and we should see a breakout from this channel tomorrow (Thursday). The Odds are pointing to lower prices but only time will tell.
You can view my short technical video here which explains all this
Get my Trading Analysis and Alerts:
TheGoldAndOilGuy.com
FuturesTradingSignals.com
Preparing for a monsoon drop?
David A. Banister - TheMarketTrendForecast.com
The market continues upward in either a C wave or Wave 2 corrective upside re-tracement if I’m correct. In reviewing the pattern since the April top this year, we have had clear Fibonacci retracement levels of the 13 month rally. These occurred at 1040 and 1011 areas so far, 31% and 38% fibonaci re-tracement levels of the Fibonacci 13 month rally.
Some are saying the market just bottomed at 1011 at the 38% re-tracement area, but the Elliott wave patterns that I rely on do not appear to me to be complete. I could still be wrong and we keep on climbing here and I get egg on my face, certainly possible. However, you don’t normally get a straight 8 of 9 days down pattern to 1011 like we just saw and then end a correction there as a C wave in an A B C pattern. C waves are made up of either 3 or 5 waves within, and that was one clear wave down. These happen in fast moving markets and lead to a rare correction pattern called a “running” correction.
In the video which is free to view off my website below, I educate and illustrate on how these look and apply it to the current state of the Market. I’m looking for the following MAX topping areas for all three indices. Dow 10450, Nasdaq 2295, and SP 500 1104-1115. We are within 1-2 % here of a nice reversal to the downside that can be played via shorting. The ultimate target remains 942 on the SP 500 index, and of course those are the 50% fibonacci downside levels of the 13 month rally, and would fit neatly into the first 180 point SP 500 drop from 1220-1040. This means 1130 is the recent major B wave top, and 180 points from there is about 950 to complete the correction pattern in this bull market. I am looking for sentiment to turn pretty negative again shortly.
Please review to get updated. This current rally has hit 1099 on the SP 500, past the 1092 area I saw the sliver gap on, but below the 78% re-tracement area as well, this 7 day rally is getting long in the tooth. Options expiry week makes it even harder, reminds me of my Mid April top call in fact here on Kitco.Com, it wasn’t long before the market rolled over hard. I am looking for the same here as well.