Copper –
in the daily down trade from 3.29 to 3.17.
3.35 is the entry price for a new move up.
while the up move has been signaled in the upper time frames, trade pressures have turned down.
Gold –
in the up trade from 1214 to 1256. pressures are up.
1208 will start a new down trade.
FXI is the 25 largest China listed companies with ADR’s on the US exchanges.
Weekly – consoldiating after meeting the 45.05 target late 2009.
in between a 33.43 short entry price, or a 42.88 long entry price.
Daily – have traded up out of the downward channel. up to a 42.12 target from the 40.02 entry price.
consolidating here.
40.45 starts a new move down. a trade thru the recent 42.55 high starts a new move up.
The DowJones Shanghai Index shows a different picture. the Index is in a downtrend at 330.
Weekly – a recent trade below 295.54 has triggered a short entry to 190.57. But strong upward pressures of trade and time are present.
Daily – in a move up from 307 to a target at 332. the trade pressures are extended up and a move down thru 306 will restart the down move to 279.
This is a difficult market. the dollar is down, Treasury prices are up/yields down. Normally, these flows of funds are not good signals for the equity markets. the S&P markets have rallied despite all this. so we can only trade what we see.
“Is trumps Ought”
Monthly/Weekly – both time frames are in a downtrend. a trade above 1144 is the entry price for a new move up.
for now the next target down is 936.
Daily – the daily is in the uptrend within the weekly and monthly downtrends.
while the 1130 high has acted as resistance, the next target up is 1138.
a trade down thru 1095 will signal a new move down.
the quick intraday trade down to 1103 from 1119 was successful,
then a trade up thru 1114 in the last hours on Friday started an upmove to 1126.
a trade down thru 1115 sends the trade down again.
[Update (Wed 10:30amCST): the Tues pm FED announcement took us up to 1125 – close to the 1126 target – and did not exceed the 1130 high. the subsequent overnight move took out the short entry price of 1115 and that down move was confirmed with the move down thru the daily entry price of 1096. the next target down is 1064.50]
Trade pressures remain up. [Wed update: have now turned down]
the downward time pressures turn up in this next week; but are met with a longer cycle downturn in the last weeks of August.
The three projected targets were all met and currently acting as support.
weekly – signalling lower to the next target of 78.90. all pressures are down.
Daily – the time and trade pressures are fully down. at the target.
looking for consolidation. a trade thru 82.26 will signal a new long entry.
[Sun night – 10 yr Treasuries yields are down 90 bps ]
the move near the 83.17 target is as expected. the markets are over bot here and a pull back is normal.
weekly – the 81.06 target acted as resistance. and the spike to the 83 area was rejected immediately.
a move down thru 77.56 sets up a move to 72.07
Daily – would look to a trade to 78.44 to act as support. [Update, Wed3:05 pm CST – the break of 78.44 signals lower to 73.93]
trade and time pressures both down.
the Copper move is predominately a “dollar rally” and the dollar is at a target that indicates some support.
Interest rates are declining rapidly and one should expect the dollar to move downward.
COPPER – the weekly has met the long entry price at 3.32 with a target above the April high.
need to get past 3.59 to have the move validated.
the daily is extended in this upmove with the next target at 3.48.
3.29 will start a move down to 3.17.
GOLD – after the 1162 target was met, didn’t move up much with the dollar decline.
daily – the 1182 entry has produced 25 points with the next target still at 1219. but would expect a renewal of the down move at 1186.
[Update(Monday,1:48PM CST): 1218.50 overnight high]
Intraday futures have turned down the day ahead of the Friday employment numbers.
a short entry is triggered at 1119 with a first target of 1109 then 1092.
a trade above 1127.75 will cancel the short trade.
Monthly trade pressures down. weekly trade pressures pressures are up.
both time frames in downward pressures due to time.
Both in a down move. 1143 will start a new up move.
Daily –
trade pressures are up but extended, and time pressures are down.
still in the move up from 1112 to 1140.
1092 will restart the move down.
weekly time and trade pressures are down.
the Daily 1116 target was met and exceeded by 2 pts.
the subsequent pull back has taken the futures down to the short entry price of 1087.
the downmove target is 1055.
the trade pressures are down. time pressures are down until Aug 9th.
on a shorter cycle, the entry price for a new upmove is 1112, which takes the futures to 1140.
[Sun PM, already in the new upmove on the 60 minute charts, first upside target is 1108.]
in the down move to three confluent targets 80.71, 80.86 and 81.31.
time pressures are up. trade pressures are fully extended down suggesting a retracement up.
81.91 is the entry price for a move up.