Break Out Gold, Oil finding support and the S&P trying to Hold


ES has made turns in the lower support box 2 weeks in a row. Look for it to hold this area for a little longer. for it to go down it needs to break and close below 1961.50. I think this is not likely.

TF same set up as the ES

CL created a doji (indecision) candle. Starting to look like it is going to hold. I do not trust it. Sure needs to go up for a bit to find the resistance.

GC Break out as we discussed last week. Actually it moved very well once it got above 1239. Might see 1311 next week. I think the odds are higher that it test the 1239. We shall see.

Mixed Signals


ES Got it right last week for the most part. Went below the 2000 before turning. Now it is wanting to hold here. If it breaks the 2080 it will move a little higher. I think it is going to hold here for a bit. We shall see.

TF Same read as the ES

CL Oil is still in trouble. I have no real support until the 32 area. It will probably find refuge at 40. It sure needs a break. Still heading south though.

GC watch 1239 for the breakout. I think it will chop here for a bit between 1175 and 1239. The bigger chance is that it will do this and eventually break out.

Looks Like Resistance But…


USD/CAD Looking like this is going higher. The strength into this spot is moving quickly. If the resistance does not hold, next stop is the area above. Oil is not helping and it has a lot to do with what happens in Canada. So we shall see I would want to have confirmation of a break out (long) or a pull back (short). My thought is the break out. We shall see.

New Year Opportunity Knocks


ES is more than likely going to pull back. It started Friday. The traders that were forced to work over the holidays drove it up on very light volume. Now the pull back is on. look for the turn around the 2000 mark.

TF pulled back Friday however it found some support just outside last weeks price action. Developing a new swing until it closes below the high candles low which is this weeks candle. I do not trade the TF but it can give a clue as to what will happen to the ES.

CL Down down down. May find support at the 50ish area. Looks to me like this is no going to hold making the next stop at the 31-33 area. Shorts are enjoying this ride.

GC is trying to leak out to the 1100 area. If this area holds look for it to move to 1340 then to 1390.