time and trade pressures are down til 9/21.
looking for a correction down in the longer move up.
next move up is 94, with the resistance in the 91 area still intact.
a trade down thru 84.15 starts a move down to 75.32.
Author: Charlie
Metals
COPPER_ in the move down to 3.77.
trade pressures are down. time pressures are up til 9/23.
need a move up thru 3.98 to restart the move up.
GOLD_ in the move down to 1717.
trade pressures are down. time pressures are down.
need a move up thru 1821 to start a new move up.
SILVER_ in the move down to 37.90.
time and trade pressures are down til 9/23.
a move thru 40.98 could start a small correction to the 44 highs.
S&P Futures
the weekly has turned the trade pressures up and is long to 1269 then 1315.
the Daily time pressures turned up yesterday and trade pressures are showing some positive divergences.
the move today thru 1165 sets the next target up as 1208 then 1253.
the previous move down thru 1161 signaled a short to 1091, so this move up is still a correction up inside that downtrend.
so be careful.
US$(DX)
moved quickly to the intraday target 76.88 the next target up.
trade pressures are up and extended. should have a pause here.
interesting that the equity markets moved up with the dollar, tells me the inflows into the dollar are finding their way into the equity markets. precious metals were also down. could be a change in attitude – now viewing the US as good value as well as a safe haven away from the European mess.
Crude WTI
the weekly has been in the long move up from 82.350, the next target is 91.95.
significant resistance at this target.
time pressures are up thru 10/14.
the daily move has broken up out of the downward channel.
the time pressures still down thru 9/21. but trade pressures have turned up.
the trade from 85.69 has a target of 93.75.
just be mindful of the recent high at 89.92 and the resistance at 92.
a trade down thru 83.69 will be the second time thru the short entry price with a 77.46 target.
Metals
COPPER_ is in two trades, the short trade on the weekly to 3.71
and the long trade on the daily to 4.30.
the correction down to 4.07-4.00 finished on the sixth and has turned back into a new long move.
time and trade pressures are up thru the 23rd of Sept.
GOLD_ the rebound trade went to the 1921 target and turned down almost immediately.
looking like a double top. the trade down thru 1855 set the short trade in motion with a target of 1698.
time and trade pressures are down.
SILVER_ both time and trade pressures are down until 9/23.
in the trade down to 37.93.
need a trade above 43.45 to signal a new move up.
S&P Futures
the long entry from 1165 has met the first target of 1191. moving thru that target has signalled the next target of 1241.
but the intra day signals have entered into a move down to 1174.
so a correction into the labor day weekend is likely and will driven by the friday employment number.
if it is good then a move up to the target should happen quickly. if not, then down to the correction target.
a trade below 1162 will signal a testing of the lows to 1062.
US$(DX)
have talked about this dollar move up for months.
the trade has been stable but un moving but now seems to be making a move.
traded back thru the entry price of 74.84 with a target of 77.15.
both the market and commodities should initially move down. but i believe this time it will be a move into the dollar for value reasons rather than the safe haven move into treasuries.
just my opinion.
Crude Oil WTI
Crude Oil_ the long term time and trade pressures turn up tomorrow, the 2nd of September.
Crude is the the trade up from 82.18 to 91.69 and then 101.57.
the time pressures are up til 9/26. trade pressures are extended up, so look for a correction down.
the target down is 86.25.
a trade thru 83.69 starts a new move down to 77.46.
but that 77.46 price still remains inside the long term up move.
Metals
Watch the dollar.
COPPER_ has made the full move from 4.00 to 4.20. so some retracement is likely.
would look for the 4.07 target. then should position for a second leg up.
a trade thru 4.17 starts the next move up.
still have the long term downward time pressures thru 11/25.
the daily time pressures are up thru 9/28 and trade are up but ready to turn down.
GOLD_ time pressures turn down 10/21, and the shorter cycle turns down 9/28.
trade pressures are down.
the long term trade to 1923 is done (with the reversal off the 1919 high).
a rebound trade is long now from 1815.50 to 1921.50.
a trade below 1792 cancels the long and enters a short to a 1724 target.
SILVER_ Long term time pressures up, but turn down on 10/21.
the daily time pressures are turning down next week.
trade pressures are up, next target up is 48.55.
but the next bearish reversal could take the trade thru the short entry at 40.54 with a target of 35.08.