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The Trader Advantage: Dollar, Commodity, Equity, Overview and Outlook
Excerpts taken from The Trader Advantage Program
Dollar Index
The 4 hour trend is Neutral, into an overbought read (sell resistance) as the Usd strengthened on global risk aversion overnight. As much as the U.S. leads potential growth, the debt issue and employment questions may impede a substantial break-and-hold on the Usd. Global risk valuations are dominated by the best-of-the-worst scenarios, and seen each day around the red flag economic release reactions. Momentum is strong. Favor a straddle (Long and Short near term plays).
Elliot Wave Chart: Looking for triangle correction. Bulls remain in play if 79.80 support holds.
Crude Oil
The 4 hour trend is Long. The long speculative side of crude oil prices is dominating, as U.S. growth is factored in. Oil remains in the $81.00 area, and just above the main swing point of the last two weeks of trading. Momentum is building, and preparing for a test in the $85.00 area. 12-month 95% correlation to Aud and Cad moves. Favor a pull-back to support.
Elliot Wave Chart: A turning point on the Short side is expected, if 1147 resistance can hold.
Gold Bullion
The 4 hour trend is neutral. Gold was rejected from the 1140-1145 area earlier this week, even though the other global markets barely moved. This bounce comes on better macro data, since gold is used to hedge risk. The next important support area is at $1105.00. Favor a pull-back to support.
Elliot Wave Chart: Top of a long impulsive wave somewhere between 1140-1150 is expected, from where a down-trend turning point is expected.
S&P Futures
The 4 hour trend is Long across the global equity market, but the major indexes still saw downside action during the European session. Investors are looking for a S/P move to test support at 1130, before 1155 and above can be easily taken out. Momentum is building. Momentum is building. 12-month 96% correlation to Aud and Cad moves. Favor a pull-back to support.
Elliot Wave Chart: A turning point on the Short side is expected, if 1147 resistance can hold.
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