Author: Charlie

S&P Futures

weekly  – next target up is 1285.
time and trade pressures are showing a move down into the year end.
1172 will signal a new move down.

Daily- testing the recent highs.  1240 is the next target up.
the extending of the income tax rates will give the market a lift; but watch the 1240 to see if stops there.
trade pressures have turned down. time pressures have turned up.
1207 will signal the move down to 1147.

Metals

GOLD – the trade up from 1330 on the way to 1447.
trade pressures are up and extended.
the time pressures have turned down today.

1365 will signal a new move down.

SLW has a 42.37 upside target.
as expected, the trade pressures are fully extended and entering the downward time pressures.
[update: 12/7/10. traded to 42.34 and then down for an outside day.  35.67 is downside target]

COPPER – still in the trade up to 4.05, then 4.15 becomes active.
3.93 will signal a move down to 3.66

S&P Futures

Weekly –  has touched the 1172 short entry, but time pressures remain up while the trade pressures are turning down.

Daily – time pressures are down hard thru the 2nd of December.
is in the down move from 1204 to 1145;  the support area of 1176 is now being tested.

the retracement trade up has tested 1205 and found resistance.
risk remains to the downside especially if 1171 is taken out.

US$ (DX)

in both the long term retracement trade up and the daily second move up.

the daily made the target for the first leg up at 78.76. then pulled back to the 77 area.
and now has traded thru the long entry price of 79.14 and has a target of 82.41 with resistance at 80.74.

pressures are up and extended.

Crude Oil

In the longer term down move to 64.57.
Pressures are down.

The daily trade is down from 86.11 to 76.86.
the time pressures turned up on the 24th of Nov.
sending the futures up thru the long entry of 82.46 to the 84.68 target.
But this sets up the next leg down with a trade thru 82.29 as the short entry.

Metals

Gold – pressures are down.
in the down move from 1364 to 1312 with support at 1339.
1373 starts a new move up.

Silver – interesting link comparing historical gold to silver ratios.

http://seekingalpha.com/article/238768-silver-the-best-commodity-investment-in-a-stimulus-driven-slow-recovery?source=hp_editors_picks

Copper – the 3.58 target was revised to a 3.61 target which was met on the spike down on the 17th of Nov.
pressures have moved to oversold; now looking for a retracement.
3.83 signaled a move up to the next target and a retest of the highs at 4.05.

But the subsequent move down thru 3.75 now signals a move to 3.39 with a test of the 3.57 in between.

S&P Futures

Long term still in the upmove from 1143 to 1286.

Daily – in the downmove from 1205 to 1145 with first resistance at 1175.
the time pressures have turned down today and the move down has accelerated.
time and trade pressures are down thru the end of Nov.

will need a trade thru 1189 to restart the move up.

US$ (DX)

in the move up the the 78.70 target. trading thru this target indicating higher.
trade pressures extended, so expect consolidation or retracement to 77.47.
the next targets up are 81.03 and 82.33.