The Usual Suspects
I bet most of you guys are scrambling to get ready for the Christmas so let me line up the usual suspects for you guys:
No, not those! But I think Keyser Söze and his cronies would do quite well over on Wall Street – don’t you think?
Let’s start with the spoos – which are kind of hanging in the balance here. The bulls are doing their best to prevent a drop though the lower border of that square I painted. Once we close below the 100-day SMA the odds support a slide back down – most likely to 1160 but I would not bet any money against a slide into 1100.
Gold – aren’t you glad I told you to not get greedy and take profits near 1580? I think this could easily bust a bit higher here – in particular if we hold and close above that 25-day lower BB line.
Quite a bit more for the subs below – please step into my freshly decorated evil lair:
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AUD/JPY in a similar configuration but actually a bit more bearish as it’s already retesting both SMAs from below. If that’s a harbinger of what’s to come on the equity side then it’s going to be one cold Christmas.
Copper seems to be holding that lower diagonal support line I painted on the daily panel – thus far. IF it can overcome a bit of resistance on the hourly chart we may actually see a push higher for a test of that daily NLBL.
Crude (CL contract) seems to be destined for a touch of the 90 mark – I also see quite a bit of resistance looming on the hourly panel.
The long term chart seems to be supportive as I see a confluence of support near 90. If we wind up going there I would be happy to risk a few long positions.
That’s it – happy trading and keep it nimble.