Monday, November 30, 2009
LOOK Into The Future(s).
DXY daily- Showing the yellow triangle and the pink bul market falling wedge. The backtest is complete. Now can it crack that upper yellow resistance line? Dollar is flat now in overnight trading which is somewhat surprising.
/ES E-mini daily (S&P futures) - Pink is bear market top line. Red is P2 bull market support line. Sky blue is nt support line. All that adds up to a lot of support esp when you throw in the 50ma helping to hold things up.
/YG Gold futures daily - Rising wedge rising out of a bull market rising wedge. Attempted breakdown with RSI where it is and the 50ma below may mean a good pullback is in order sooner than later. Tellow are the 398% fib and the yellow box is the 50 to 61% fib retracement zone.
EUR/USD daily - Yellow rising wedge rolling over into the light blue channel. Does the 50ma and the yellow support line hold? Tough call, but if you back the chart out you can see the trouble the EUR/USD is in.
EUR/JPY daily - With the green and yellow trendlines possibly going trouble may be here sooner than later.
/NG NATGAS 30m - A possible channel and the pink line is support.
Oil daily - riding the 50ma with 4 support lines under it. Might be hard to bring down I'd say.
Kind of quiet out there tonight. GL trading.