Where Next Now That Mondays Precious Metals and Equity Prices are Marked UP?
SP 500 Update.... U.S. Markets wear the Heavy Crown
King Dollar Dominates, Crude Oil and Gold Continues the Free Fall
Only our longer term monthly Trade Triangle for crude oil remains positive on this market. The move today below the $98 support level puts this market in jeopardy of further weakness. A close below the $93.50 level seen on December 18th would confirm a double top pivot point formation, which would measure down to the $84 a barrel level.
How to trade oil is not an easy thing to do in today’s headline driven market. Even the best oil analysis which may have been correct will still be wrong at times. This is due to the fact that oil has many factors which play into its price. Things likes like extreme weather conditions, geopolitical events, currency fluctuations, economic conditions and supply and demand.
There Is Only One Word to Describe Q3 .... Volatility
EUR/USD breaks the 1.4054 major support lines and hits the 1.3970 low. The Euro received some relieve this morning by the German Constitutional Court, it rejected the lawsuit of blocking Germany from participating in further Eurozone bailouts. The German court ruling will just provide short-term relief, the EUR/USD is under intense downside pressure.
EUR/USD has dropped below the 1.4020 major support line, to the 1.3968 so far. Intraday bias remains on the downside, as long as the 1.4440 minor resistance line is not broken. On the downside, since the 1.4020 major support line was broken, now look for the currency pair to target the 1.3854 major support line.