CRUDE_ in the move down from 103.37.
next target down is 89.88.
need a move up thru 99.25 to start a new move up.
NAT GAS_ the move up from 3.87 has been stopped out by the close below 3.47.
the next target down is 2.76.
a move back thru 3.73 could restart the move up
COPPER_ still in the side ways channel. no trade.
need a move above 3.39 or below 3.19.
keep an eye on the China 25 index (FXI)
GOLD_ gold bugs looking for inflation but the market keeps saying no.
in the move down from 1318 with upper time frame pressures down.
the next target down is 1248.
need a move above 1310 to restart a move up.
SILVER_ in a move up from 22.27. the next target up is 24.81.
the pullback in progress now needs to hold the 20.63 low.
S&P_ the Monthly and weekly remain in the upward trend. the next weekly target is 1767.
the daily moved down to the 1640 target and restarted the move up from there.
the older 1725 target and the recent 1726 high was taken out and the market moved on to the 1748 target.
we are currently consolidating at this level.
The next target up is 1770.
a move down thru 1734 would signal a correction to the 1700 level.
USD_ the DX is down on the weekly time frame, next target is 78.85 then 76.29.
pressures remain down.
the Daily trade is at the 78.94 target, expect consolidation. the next target down is 78.31.
need a move up thru 80.16 to start a new move up.
30 yr T-Bonds_ weekly pressures are up. the next target is 140-16.
the daily trade is up. the first target of 134-05 has been met the next target of 137-22 is next.
a move down thru 131-11 would signal lower.
CRUDE_ the weekly is down, next target 89.88.
pressures are over sold, so maybe a bounce, but long term the move remains down.
the Daily has reached the 96.91 target, so expect some consolidation here.
need a move up thru 101.02 to start a new move up.
NAT GAS_ the weekly nat gas is tarding in a channel between 3.07 and 4.05.
currently the pressures are up.
the daily trade is down , next target is 3.19.
need a move above 3.89 to start anew move up.
COPPER_ consolidating with an upward pressures.
the daily trade is trapped i the 3.19 to 3.39 channel. momentum indicators are down.
the next target down is 3.16.
short term momentum has turned up.
GOLD_ still in the long term downtrend since late 2012.
made a retracement up to the 1444 target, pulled back to the 1250 target and now in a new move up
from 1310. the next target up is 1407.
a move down thru 1309 would signal lower.
SILVER_ in the same downtrend as gold. the weekly is now in consolidation.
the daily trade is up from 22.25. the next target sis 24.68.
a move back below 20.63 activates the 18.58 target.
the December contract is now the front month. This causes some targets to adjust.
the lack of FED tapering had given a boost to the inflation hawks. the metals had a big move up and the dollar had a similar move down.
the stock market is viewed as inflation hedge and is valued at a discount to future earnings.
so if interest rates stay down, then the discounted value of earnings producing assets appear more valuable.
very loosely; FED down>dollar down> metals up> stocks up (the nice thing about stocks is that the earnings can go up also)
Monthly- the 1709 target is the next up. and two higher targets are in the 1800’s
Weekly – the next target up is 1767.
the 1633 short entry was tested and now the bounce off that has taken us above the 1698 pivot.
watch any move down at these two levels, the 1698 pivot and the prior short entry of 1633.
the daily trade is down from the short entry of 1707. the next target down is 1677. [friday update: a 1676 morning low]
a move back up thru 1719 will signal higher.
USD_
the weekly DX futures pressures are down and at the 80.41 target.
the next weekly target down is 78.86.
the Daily trade is down and the next target is 78.94.
pressures are down, but the market is oversold.
a move up thru 81.19 would signal a retracement up to the 82.85 level.
30YR T-Bonds_
the 129-17 downside target and the December 2011 pivot low have provided support to the market.
the weekly pressures indicate oversold.
The Daily trade has moved thru the 130-19 long entry and the next target up is 134-05..
short term the market is over bought, but pressures remain up.
a move down thru the 128-15 pivot low is the stop.
CRUDE_
still in the trading range between 110 and 102. weekly pressures are turning down.
The daily trade is down.
102.20 is the next target down and 101.13 would be the over-sold target.
if the weekly pressures remain down then the 97.17 target is more lilkely.
a move up thru 109.30 is required to get a new move up started.
NAT GAS_
in the weekly trade up and weekly pressures are turning up.
the daily trade is up from the 3.46 long entry. the next target is 3.92.
a move down thru 3.44 would signal a new short.
COPPER_
the weekly remains in the move down, the next target is 2.905.
pressures are down into the longer term monthly upward pressures.
the Daily trade is down from the 3.22 short entry.
the dollar drop had caused a move up to the pivot high, but the down-trade appears to have resumed.
the next target down is 3.11.
a breakout above the 3.38 pivot would signal a new move up.
GOLD_
the weekly is in the retracement down after meeting the 1442 target.
weekly pressures are slightly up.
The daily trade is down from the short entry of 1377. the next target down is 1286.
this 1286 target has been touched earlier so it will be important to see the reaction at this point.
the next target after that is 1195.
a move above the 1434 pivot high will signal higher.
SILVER_
the weekly target of 24.25 had been met and the retracement down is underway.
the weekly pressures are neutral to up.
the Daily trade is down to 21.07, then to 18.58.
a move up thru 23.15 would signal a test of the recent pivot high.