- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Tuesday, 7 December 2010

Looking Pretty Strong

I'm expecting a big move today, and so far at least it looks likely to be a move up. ES and NQ have found some resistance at the 1234.25 and 2211.75 levels respectively and I have some upside targets if those levels are exceeded. If they aren't exceeded then I'm leaning slightly towards seeing a significant drop today as we are still overdue for a retracement, and numerous charts are testing major resistance levels. If we see that drop today then it might be a few days before we see the current highs exceeded.

On ES and NQ I have possible rising channels, though we've not yet seen a retracement to establish a lower trendline on those. The upper trendlines are established however and I'm seeing resistance for ES in the 1245 area today if we get that far:


On NQ with a very well established resistance trendline I'm seeing resistance in the 2222 area today:


The probable ultimate target of this wave 5 move is the ES rising wedge upper trendline that is currently in the 1254 area. I don't think that this move is anywhere close to being finished though, so I'd be surprised to see that hit this week:

I'm watching USD with great here. After EURUSD broke declining resistance last Friday I'm very much considering the possibility that the USD uptrend is over. Short term though USD may be basing for a retest of the 80.13 resistance level and we may see some downside for EURUSD and the other USD currency pairs.

Gold and silver have been having an amazing week and silver is breaking up through the 30.5 level that I'd been expecting to provide decent resistance. I've been looking at the long term gold chart and if gold can also break long term resistance here then I'm expecting to see the next high in the 1480 to 1500 area:


Oil is still in the rising channel that I've been posting for a few weeks and the next channel target is in the 91.4 area. I was wondering about possible resistance at the 90 level as I did the chart below but as that has now broken I'm expecting to see the 91.4 target hit soon. That could well be a significant interim top for oil though I do have another target in the 95 area if 91.4 doesn't hold:

Posted by Springheel Jack at 07:15
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