Tuesday, July 23, 2013
Dollars & Cents
Dollars & Cents
Equities pulled back very slightly after a bullish open today with the
markets trading on light volume. Earnings reports are generally positive but not
stellar and the markets are stoic in their response. The dollar index traded
back to near term support and paused.
The EUR/USD gained more today, moving to the near term resistance level as discussed in yesterday’s newsletter. Historically, the close prices have remained near 1.3250 as resistance while the shadows have pushed 1.33 and then 1.34. Thursday is likely to be a bullish day in the equity market and this pair has some room to be a little more bullish before selling off. (see EUR/USD below)
The USD/CAD continues to fall and rising oil prices are accelerating this pair to the downside. We are watching for price to drop to trend support. If priced breaks through 1.0250, we will likely set a buy limit at trend support near 1.0150. (see USD/CA below)
The GBP/CHF traded relatively flat again today, closing within a few pips of the past 3 day closes. We will watch for a bullish close tomorrow and move up our stop from break even to profitability. (see GBP/CHF below)
The EUR/USD gained more today, moving to the near term resistance level as discussed in yesterday’s newsletter. Historically, the close prices have remained near 1.3250 as resistance while the shadows have pushed 1.33 and then 1.34. Thursday is likely to be a bullish day in the equity market and this pair has some room to be a little more bullish before selling off. (see EUR/USD below)
The USD/CAD continues to fall and rising oil prices are accelerating this pair to the downside. We are watching for price to drop to trend support. If priced breaks through 1.0250, we will likely set a buy limit at trend support near 1.0150. (see USD/CA below)
The GBP/CHF traded relatively flat again today, closing within a few pips of the past 3 day closes. We will watch for a bullish close tomorrow and move up our stop from break even to profitability. (see GBP/CHF below)
Market LookBeck II
(Reuters) - The dollar was broadly weaker on Tuesday, falling to a one-month low
against the euro in thin trading, as investors continued to scale back bullish
bets on the greenback on the view that the Federal Reserve could reduce its
asset-buying program later than expected.
Fed Chairman Ben Bernanke told lawmakers last week the U.S. central bank still expects to start reducing its massive bond purchase program later this year, but he left open the option of changing that plan if the economic outlook shifted.
"In the absence of any economic news, positioning has been driving the FX market," said Brian Dangerfield, currency strategist at RBS Securities in Stamford, Connecticut.
"The market is still quite long dollars and in quiet periods like today, traders are scaling back their positions especially in the wake of what Bernanke said last week."
Investors had accumulated dollars the last few months as Bernanke suggested in May that the Fed could start winding down its stimulus plan later this year. A reduction in the Fed's bond purchases would be positive for the greenback because it means that the U.S. central bank won't be flooding the market with dollars as much.
The euro rose to $1.3238, its highest level since June 21, as some investors pushed it to the 50 percent Fibonacci retracement of the move from the early April low to the mid-June high. It was last at $1.3225, up 0.3 percent on the day, rising for a third straight day.
Investors are looking to the flash Purchasing Managers' Index data on Wednesday as worries about euro zone economies are re-emerging. Analysts said there would probably be selling into any rebounds in the euro.
Trading "is more of a technical move in an otherwise very thin market amid generally soft data and questions on the timing of tapering," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
Bernanke's dovish remarks have emphasized that the U.S. central bank's bond buying will continue in some form and interest rates are likely to remain low for the foreseeable future.
Benchmark yields have fallen as other top Fed officials have stressed that the timing of any reduction in the central bank's $85 billion monthly asset purchases would depend on economic data.
As a result, along with some weaker-than-expected U.S. data, the dollar has sold off to key support levels. Further downside will require another round of bad data, analysts said.
"The market is getting comfortable with the idea that tapering is not tightening," said Sean Cotton, vice president and foreign exchange advisor at Bank of the West in San Ramon, California.
The dollar index was last down 0.3 percent at 81.983. It fell to 81.926, also its weakest since June 21.
Analysts, however, said the dollar would likely strengthen in the coming months against currencies such as the euro, sterling and the yen because the Fed is expected to be the first major central bank to make its policy less accommodative.
But few anticipate the dollar's rise to be smooth.
Benchmark U.S. 10-year Treasury yields, which have had a robust correlation with the dollar index, have slipped in recent weeks. They last stood at 2.507 percent, slightly up on the day but well below the 2.755 percent hit on July 8, their highest since August 2011.
The dollar was down 0.2 percent against the yen at 99.43 yen, recovering from a one-week low of 99.13 yen earlier.
Analysts said Japanese Prime Minister Shinzo Abe's decisive upper house election win last weekend would pave the way for pro-growth fiscal policies and for further Bank of Japan monetary easing, which would weaken the yen.
The dollar was up more than 15 percent versus the yen this year, and the recent slide in dollar/yen has likely bottomed out, according to trends in the options market.
Analysts said the beginning of holidays has reduced volumes and volatility, which could result in most currencies trading in ranges. Some $3.99 billion in euros had changed hands, according to Reuters Dealing data on Tuesday, and $2.06 billion in yen
Fed Chairman Ben Bernanke told lawmakers last week the U.S. central bank still expects to start reducing its massive bond purchase program later this year, but he left open the option of changing that plan if the economic outlook shifted.
"In the absence of any economic news, positioning has been driving the FX market," said Brian Dangerfield, currency strategist at RBS Securities in Stamford, Connecticut.
"The market is still quite long dollars and in quiet periods like today, traders are scaling back their positions especially in the wake of what Bernanke said last week."
Investors had accumulated dollars the last few months as Bernanke suggested in May that the Fed could start winding down its stimulus plan later this year. A reduction in the Fed's bond purchases would be positive for the greenback because it means that the U.S. central bank won't be flooding the market with dollars as much.
The euro rose to $1.3238, its highest level since June 21, as some investors pushed it to the 50 percent Fibonacci retracement of the move from the early April low to the mid-June high. It was last at $1.3225, up 0.3 percent on the day, rising for a third straight day.
Investors are looking to the flash Purchasing Managers' Index data on Wednesday as worries about euro zone economies are re-emerging. Analysts said there would probably be selling into any rebounds in the euro.
Trading "is more of a technical move in an otherwise very thin market amid generally soft data and questions on the timing of tapering," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
Bernanke's dovish remarks have emphasized that the U.S. central bank's bond buying will continue in some form and interest rates are likely to remain low for the foreseeable future.
Benchmark yields have fallen as other top Fed officials have stressed that the timing of any reduction in the central bank's $85 billion monthly asset purchases would depend on economic data.
As a result, along with some weaker-than-expected U.S. data, the dollar has sold off to key support levels. Further downside will require another round of bad data, analysts said.
"The market is getting comfortable with the idea that tapering is not tightening," said Sean Cotton, vice president and foreign exchange advisor at Bank of the West in San Ramon, California.
The dollar index was last down 0.3 percent at 81.983. It fell to 81.926, also its weakest since June 21.
Analysts, however, said the dollar would likely strengthen in the coming months against currencies such as the euro, sterling and the yen because the Fed is expected to be the first major central bank to make its policy less accommodative.
But few anticipate the dollar's rise to be smooth.
Benchmark U.S. 10-year Treasury yields, which have had a robust correlation with the dollar index, have slipped in recent weeks. They last stood at 2.507 percent, slightly up on the day but well below the 2.755 percent hit on July 8, their highest since August 2011.
The dollar was down 0.2 percent against the yen at 99.43 yen, recovering from a one-week low of 99.13 yen earlier.
Analysts said Japanese Prime Minister Shinzo Abe's decisive upper house election win last weekend would pave the way for pro-growth fiscal policies and for further Bank of Japan monetary easing, which would weaken the yen.
The dollar was up more than 15 percent versus the yen this year, and the recent slide in dollar/yen has likely bottomed out, according to trends in the options market.
Analysts said the beginning of holidays has reduced volumes and volatility, which could result in most currencies trading in ranges. Some $3.99 billion in euros had changed hands, according to Reuters Dealing data on Tuesday, and $2.06 billion in yen
Market LookBeck
MONTHLY - Neutral. Opposing tails on large hammer candles with excess to upside
and then downside.
WEEKLY - Bullish. Closed weekly bar at new all-time high.
DAILY - Bullish. Continued new all-time highs with lack of stronger liquidation break. Long risk remains elevated.
Good morning traders. The inverse correlation between the U.S. Dollar (/DX) and the broad stock market has re-emerged as of late. Please observe the chart below.
The daily candlestick chart of /DX versus the daily line chart of the S&P 500 Index (SPX) is reflected on the chart above. The green arrows point to the price action of both asset classes on 07/11/13. This is the point at which a distinct inverse reaction to /DX was demonstrated by SPX. The pattern has continued since.
Looking ahead, the does not come into any technical support until the 200 day moving average (blue line), and then the prior low at 80.615. If /DX is destined to reach either of these support points, and the inverse relationship between /DX and SPX continues, further decline by /DX will provide confirmation of a continued grind higher by stocks.
WEEKLY - Bullish. Closed weekly bar at new all-time high.
DAILY - Bullish. Continued new all-time highs with lack of stronger liquidation break. Long risk remains elevated.
Good morning traders. The inverse correlation between the U.S. Dollar (/DX) and the broad stock market has re-emerged as of late. Please observe the chart below.
The daily candlestick chart of /DX versus the daily line chart of the S&P 500 Index (SPX) is reflected on the chart above. The green arrows point to the price action of both asset classes on 07/11/13. This is the point at which a distinct inverse reaction to /DX was demonstrated by SPX. The pattern has continued since.
Looking ahead, the does not come into any technical support until the 200 day moving average (blue line), and then the prior low at 80.615. If /DX is destined to reach either of these support points, and the inverse relationship between /DX and SPX continues, further decline by /DX will provide confirmation of a continued grind higher by stocks.
| Dow Jones Industrial Average | 15567.74 | 22.19 | 0.14% |
| S&P 500 Index | 1692.39 | -3.14 | -0.19% |
| Nasdaq Composite | 3579.27 | -21.11 | -0.59% |
| Nasdaq 100 | 3031.39 | -23.82 | -0.78% |
| Russell 2000 | 1052.20 | -1.20 | -0.11% |
| Spot Gold | 1342.75 | 8.75 | 0.66% |
| Crude Oil | 107.47 | 0.52 | 0.49% |
| NYSE Overall Volume | 3,115,871K | n/a | 12.10% |
| Nasdaq Overall Volume | 1,621,051K | n/a | -8.61% |
| NYSE Breadth | 1.33 : 1 | positive | |
| Nasdaq Breadth | 1.73 : 1 | negative | |
| NYSE Breadth Ratio | 57.06 | ||
| Nasdaq Breadth Ratio | 36.69 | ||
| NYSE Advancers/Decliners | 412 | ||
| Nasdaq Advancers/Decliners | -164 | ||
| NYSE Trin | 0.99 | ||
| Nasdaq Trin | 1.50 | ||
| $VIX | 12.66 | 0.37 |
|
|
| |
| Value Area High | 1690.50 | 3045.00 |
| Point of Control | 1688.50 | 3034.50 |
| Value Area Low | 1687.00 | 3030.00 |
| R3 | 1700.83 | 3076.83 |
| R2 | 1697.42 | 3065.67 |
| R1 | 1692.83 | 3045.83 |
| Pivot | 1689.42 | 3034.67 |
| S1 | 1684.83 | 3014.83 |
| S2 | 1681.42 | 3003.67 |
| S3 | 1676.83 | 2983.83 |
ShadowTrader Sector Trend Scores
Nineteen ShadowTrader Sectors closed lower on Tuesday whild six ended higher. The broad market is neither overbought nor oversold at this juncture. SOX is the only sector approaching an overextended condition having closed lower each of the last four days.
Technical Analysis Daily /ES
LBR Studies (Linda Bradford Ratchke, LBR PaintBar, LBR_SmartADX, LBR_ThreeTenOscillator)
DMI Studies (DMI Reversal Alert, DMI Oscillator, DMI StochasticExtreme, SequenceCounter, ZigZagHL)
FW Studies ((David Elliot, MOBO, FW_CCI, FW_FisherTransformer))
Bill Williams Profitunity Studies (Alligator, Elliot Oscillator, Awesome Oscillator)
IRSTS Studies (Sylvain Vervoort, Volatility Bands, BollingerPercentB, Stochastic, ZigZagSign)
Woodies Studies (LSMA, 34EMA, WoodiesPivots, WoodiesCCI, HLTicks, PivotsTicks)
CynthiaE Studies (DoubleMoving Average, ErgodicOscillator, DoubleStochastic, PPS)
Mobius Studies (TTM SqueezeWave, BollingerPerecentB, PSAR, TMV, Stoplight, TTM_LRC, PFEaRSI)
Please Contact for Custom ThinkScripts, glad to share with all...
Technical Analysis Hourly /ES
LBR Studies (Linda Bradford Ratchke, LBR PaintBar, LBR_SmartADX, LBR_ThreeTenOscillator)
DMI Studies (DMI Reversal Alert, DMI Oscillator, DMI StochasticExtreme, SequenceCounter, ZigZagHL)
FW Studies ((David Elliot, MOBO, FW_CCI, FW_FisherTransformer))
Bill Williams Profitunity Studies (Alligator, Elliot Oscillator, Awesome Oscillator)
IRSTS Studies (Sylvain Vervoort, Volatility Bands, BollingerPercentB, Stochastic, ZigZagSign)
Woodies Studies (LSMA, 34EMA, WoodiesPivots, WoodiesCCI, HLTicks, PivotsTicks)
CynthiaE Studies (DoubleMoving Average, ErgodicOscillator, DoubleStochastic, PPS)
Mobius Studies (TTM SqueezeWave, BollingerPerecentB, PSAR, TMV, Stoplight, TTM_LRC, PFEaRSI)
Please Contact for Custom ThinkScripts, glad to share with all...
Thursday, July 18, 2013
ShadowTrader Sector Trend Scores
Twenty of twenty five ShadowTrader Sectors closed higher on Wednesday, but not by very wide margins. TOB has now closed higher five consecutive days putting it into overbought territory. Otherwise, the broad market could move either up or down for at least two days before an overextended reading will appear.
Dollars & Cents
Dollars & Cents
Federal Reserve chairman Ben Bernanke reported to the House financial
services committee that due to high unemployment and low inflation the Fed will
remain "highly accommodative" for the foreseeable future. Bernanke’s comments
were pretty much in line with investors’ expectations and neither equities nor
the dollar saw much reaction; however 10-year bond yields did experience some
selling.
The EUR/USD has lost some bullish momentum as the pair approached 1.32 resistance, and with the consolidation and failure to break above 1.32 would indicate a likely retracement to 1.28. The outlook should become more clear by early next week. (see EUR/USD below)
The USD/CAD is still holding at short term support. Typically an economic report is needed to break the doldrums and today the Bank of Canada released interest rates which usually will do the trick but the report all fell in line with expectations. There are other reports Thursday and Friday that should push the pair below support. (see USD/CA below)
The GBP/CHF nearly hit our tightened stop loss at 1.4180 but then rallied leaving our trading in profitable territory by the close of the candle. We will continue to monitor the trade and look to break some short term resistance at 1.4500 as we target 1.4700. (see GBP/CHF below)
The EUR/USD has lost some bullish momentum as the pair approached 1.32 resistance, and with the consolidation and failure to break above 1.32 would indicate a likely retracement to 1.28. The outlook should become more clear by early next week. (see EUR/USD below)
The USD/CAD is still holding at short term support. Typically an economic report is needed to break the doldrums and today the Bank of Canada released interest rates which usually will do the trick but the report all fell in line with expectations. There are other reports Thursday and Friday that should push the pair below support. (see USD/CA below)
The GBP/CHF nearly hit our tightened stop loss at 1.4180 but then rallied leaving our trading in profitable territory by the close of the candle. We will continue to monitor the trade and look to break some short term resistance at 1.4500 as we target 1.4700. (see GBP/CHF below)
Market LookBeck II
(Reuters) - The Bank of Canada said on Wednesday it will hold its benchmark
interest rate steady at 1 percent while the economy remains fragile and
inflation stays low, but that it sees rates rising if the economy performs in
line with expectations.
The policy announcement, the first under new Governor Stephen Poloz, delivered roughly the same message as those of his predecessor, Mark Carney, over the past year: The next move is a rate hike, not a cut, although it won't be any time soon.
Still, Poloz, who took over at the helm of the central bank in June, was more explicit in stating that the continuation of steady rates depended on three key trends.
"As long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively, the considerable monetary policy stimulus currently in place will remain appropriate," Poloz said at a news conference to announce the bank's decision.
"Over time, as the normalization of these conditions unfolds, a gradual normalization of policy interest rates can also be expected, consistent with achieving the 2 percent inflation target."
But he downplayed the so-called hawkish bias in the statement and made it clear any move was still far in the future.
"We never saw that as some sort of signal that we were on an imminent tightening phase or anything like that," he said. "Rather it was to help people understand that these are not normal times. So you need to be more prepared for a gradual return to normality."
Canada's export-reliant economy has struggled to stay on a growth track after a relatively speedy recovery from the world economic crisis. Inflationary pressures remain muted.
The bank did not provide specific thresholds that could trigger a rate increase.
Poloz listed an array of factors the bank would watch, including more U.S. and global growth momentum, but said it would mostly be a judgment call by the bank.
His comments came as Federal Reserve Chairman Ben Bernanke said the U.S. central bank still planned to start scaling back its massive bond purchase program later this year, but it could change those plans if the outlook shifted.
Poloz said Bernanke's recent remarks on the so-called tapering of the Fed's stimulus measures were helpful.
"Markets are learning from that, as are we," he said.
CAUTIOUS
Following the decision and the new governor's comments, traders slightly bid up the price of shorter-term bonds, sending yields lower, showing there was little concern the central bank would rush to boost interest rates.
"They tweaked - very, very slightly - the eventual tightening bias, but not in any meaningful way, I don't think," said Mark Chandler, head of fixed income and currency strategy at the Royal Bank of Canada.
"Overall, I think it was quite cautious. I'd hate to paint it specifically dovish or hawkish."
The Canadian dollar weakened to a session low against the U.S. dollar after the statement, sliding to C$1.0445 versus the greenback, or 95.74 U.S. cents. But it quickly regained most of the lost ground.
The central bank has held its overnight rate at 1 percent since September 2010, the longest period between rate changes since the 1950s. Since April 2012, it has been hinting at rate hikes to come, making it the only central bank in the Group of Seven major economies to have a hawkish bias, albeit a mild one.
Market players don't expect a move until the fourth quarter of 2014.
FLOODS, STRIKE HIT QUARTER
The bank cut its forecast for second-quarter growth sharply - to 1 percent from 1.8 percent - largely due to the impact of catastrophic flooding in Alberta and a strike by construction workers in Quebec. But it said third-quarter growth would more than compensate for that decline. It forecast third-quarter growth of 3.8 percent, up from its previous estimate of 2.3 percent.
That meant the volatility of the two quarters would not play into its policy choices.
The bank said the economy would grow 1.8 percent this year, up from its previous estimate of 1.5 percent. It expected growth of 2.7 percent each year in 2014 and 2015. The 2014 forecast was lowered from the 2.8 percent previously estimated.
The overall growth outlook is little changed from its April forecast, and the bank sees a return to full capacity and inflation rising to its 2 percent target by mid-2015.
On Canada's once-hot housing market, Poloz did not rule out a rebound even after signs of cooling earlier this year. Household debt has eased but could also pick up again, he said.
"As I read the situation right now, the new data that we have from the housing sector is just as consistent with a soft landing as they might be with a rebound," he said.
While past statements have referred to the "persistent strength of the Canadian dollar," the currency has weakened in recent weeks and the bank avoided the phrase.
"In general, we would prefer not to offer a running commentary on the dollar in any case," Poloz said.
The policy announcement, the first under new Governor Stephen Poloz, delivered roughly the same message as those of his predecessor, Mark Carney, over the past year: The next move is a rate hike, not a cut, although it won't be any time soon.
Still, Poloz, who took over at the helm of the central bank in June, was more explicit in stating that the continuation of steady rates depended on three key trends.
"As long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively, the considerable monetary policy stimulus currently in place will remain appropriate," Poloz said at a news conference to announce the bank's decision.
"Over time, as the normalization of these conditions unfolds, a gradual normalization of policy interest rates can also be expected, consistent with achieving the 2 percent inflation target."
But he downplayed the so-called hawkish bias in the statement and made it clear any move was still far in the future.
"We never saw that as some sort of signal that we were on an imminent tightening phase or anything like that," he said. "Rather it was to help people understand that these are not normal times. So you need to be more prepared for a gradual return to normality."
Canada's export-reliant economy has struggled to stay on a growth track after a relatively speedy recovery from the world economic crisis. Inflationary pressures remain muted.
The bank did not provide specific thresholds that could trigger a rate increase.
Poloz listed an array of factors the bank would watch, including more U.S. and global growth momentum, but said it would mostly be a judgment call by the bank.
His comments came as Federal Reserve Chairman Ben Bernanke said the U.S. central bank still planned to start scaling back its massive bond purchase program later this year, but it could change those plans if the outlook shifted.
Poloz said Bernanke's recent remarks on the so-called tapering of the Fed's stimulus measures were helpful.
"Markets are learning from that, as are we," he said.
CAUTIOUS
Following the decision and the new governor's comments, traders slightly bid up the price of shorter-term bonds, sending yields lower, showing there was little concern the central bank would rush to boost interest rates.
"They tweaked - very, very slightly - the eventual tightening bias, but not in any meaningful way, I don't think," said Mark Chandler, head of fixed income and currency strategy at the Royal Bank of Canada.
"Overall, I think it was quite cautious. I'd hate to paint it specifically dovish or hawkish."
The Canadian dollar weakened to a session low against the U.S. dollar after the statement, sliding to C$1.0445 versus the greenback, or 95.74 U.S. cents. But it quickly regained most of the lost ground.
The central bank has held its overnight rate at 1 percent since September 2010, the longest period between rate changes since the 1950s. Since April 2012, it has been hinting at rate hikes to come, making it the only central bank in the Group of Seven major economies to have a hawkish bias, albeit a mild one.
Market players don't expect a move until the fourth quarter of 2014.
FLOODS, STRIKE HIT QUARTER
The bank cut its forecast for second-quarter growth sharply - to 1 percent from 1.8 percent - largely due to the impact of catastrophic flooding in Alberta and a strike by construction workers in Quebec. But it said third-quarter growth would more than compensate for that decline. It forecast third-quarter growth of 3.8 percent, up from its previous estimate of 2.3 percent.
That meant the volatility of the two quarters would not play into its policy choices.
The bank said the economy would grow 1.8 percent this year, up from its previous estimate of 1.5 percent. It expected growth of 2.7 percent each year in 2014 and 2015. The 2014 forecast was lowered from the 2.8 percent previously estimated.
The overall growth outlook is little changed from its April forecast, and the bank sees a return to full capacity and inflation rising to its 2 percent target by mid-2015.
On Canada's once-hot housing market, Poloz did not rule out a rebound even after signs of cooling earlier this year. Household debt has eased but could also pick up again, he said.
"As I read the situation right now, the new data that we have from the housing sector is just as consistent with a soft landing as they might be with a rebound," he said.
While past statements have referred to the "persistent strength of the Canadian dollar," the currency has weakened in recent weeks and the bank avoided the phrase.
"In general, we would prefer not to offer a running commentary on the dollar in any case," Poloz said.
Market LookBeck
| Dow Jones Industrial Average | 15470.52 | 18.67 | 0.12% |
| S&P 500 Index | 1680.91 | 4.65 | 0.28% |
| Nasdaq Composite | 3609.99 | 11.49 | 0.32% |
| Nasdaq 100 | 3085.27 | 7.80 | 0.25% |
| Russell 2000 | 1042.52 | 3.77 | 0.36% |
| Spot Gold | 1277.31 | -13.94 | -1.08% |
| Crude Oil | 106.40 | 0.64 | 0.61% |
| NYSE Overall Volume | 3,169,259K | n/a | 2.84% |
| Nasdaq Overall Volume | 1,565,070K | n/a | -1.61% |
| NYSE Breadth | 1.98 : 1 | positive | |
| Nasdaq Breadth | 1.81 : 1 | positive | |
| NYSE Breadth Ratio | 66.41 | ||
| Nasdaq Breadth Ratio | 64.39 | ||
| NYSE Advancers/Decliners | 935 | ||
| Nasdaq Advancers/Decliners | 427 | ||
| NYSE Trin | 0.97 | ||
| Nasdaq Trin | 0.79 | ||
| $VIX | 13.78 | -0.64 |
MONTHLY - Neutral. Opposing tails on large hammer candles with excess to upside
and then downside.
WEEKLY - Bullish. Large expansion of range approaching May high.
DAILY - Neutral. Market in three day balance. Futures bested all time high yesterday but cash market did not.
WEEKLY - Bullish. Large expansion of range approaching May high.
DAILY - Neutral. Market in three day balance. Futures bested all time high yesterday but cash market did not.
|
|
| |
| Value Area High | 1678.00 | 3081.75 |
| Point of Control | 1677.50 | 3079.75 |
| Value Area Low | 1675.00 | 3075.75 |
| R3 | 1687.50 | 3103.33 |
| R2 | 1684.00 | 3094.92 |
| R1 | 1679.75 | 3087.08 |
| Pivot | 1676.25 | 3078.67 |
| S1 | 1672.00 | 3070.83 |
| S2 | 1668.50 | 3062.42 |
| S3 | 1664.25 | 3054.58 |
Wednesday, July 17, 2013
Dear Readers, Watchers, & Listeners,
THANK YOU SO VERY MUCH FOR YOUR PATIENCE.
The last two months have been extremely trying-- one of the most difficult times of my life.
But, I'm back! And better than ever.
The daily videos on YouTube as well as the Market LookBeck and other op-ed pieces will henceforth continue, commencement beginning tonight.
Kind regards,
db
THANK YOU SO VERY MUCH FOR YOUR PATIENCE.
The last two months have been extremely trying-- one of the most difficult times of my life.
But, I'm back! And better than ever.
The daily videos on YouTube as well as the Market LookBeck and other op-ed pieces will henceforth continue, commencement beginning tonight.
Kind regards,
db
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