Life Often Has Other Plans

I’m sure you heard of the old expression: Life is what happens while you’re busy making other plans. Case in point, I was about to head out of town this morning when I received ‘one of those phone calls’ informing me of a death in the family. So looks like I’ll be sticking around after all as I will have to make pertinent arrangements. Since I’m around I however thought I may as well throw up a few charts before the weekend. Let’s run through a few key markets – several which are now at or are approaching critical inflection points.

Yesterday I cautioned you all to keep an eye on that NLSL on the DX. And for good reason as it dropped through it overnight and is now heading lower fast. I am pretty certain that unless you live East of the Bosporus you missed that little last kiss goodbye on the hourly panel, which would have been a great spot to go short. Remember the formation however – long candles down, breaking the SMA – a tepid revisit and then the roll over. That’s classic.

Meanwhile Cotton has been running hard over the past few days and is now touchings 100-week SMA. I know most of you don’t trade the soft stuff but if you are then you may want to start taking profits as I expect some resistance here.

Crude now at its 25-day SMA. May have enough mojo to breach higher – let’s see. I would follow those ST SMAs which are still rising nicely, price better keep up now.

Gold looking rather similar although the trend is not as forceful. I think we have a 50/50 odds scenario here so don’t have an opinion and follow that 25-hour as well as that hourly NLSL.

Here are a few more for my intrepid subs:

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Alright, this is my last post before Monday – as you can imagine I now have other matters to attend to.

Cheers,