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Metals: Gold, Silver, & Copper

June (M) Gold finished $14.60 higher to $1,320.50 per ounce. May (K) Silver finished 32.1 cents higher to $20.091 per ounce. May (K) Copper finished 0.80 cents higher to $3.0450 per pound.

Gold (GC): Our comments from Tuesday, “We continue to remain bullish gold after kicking in our buy order last week. From here, dips between $1,304.00 and $1,290.00 should be bought, targeting $1,330.00 initially.” The market traded down to $1,301.10, followed by a rally over $1,324.00 today! You can’t call it much better than that! From here, continue to buy dips targeting $1,330.00 initially. However, do not risk a close below $1,300.00 as this will void the pattern, further projecting the market down to $1,260.00.

Silver (SI): Similar to gold silver also traded into our buy window on Wednesday, followed by a rally up over $20.300 today! We continue to remain bullish this market, targeting $21.000 initially. Look to buy dips between $20.000 and $19.800, targeting $21.000 initially. However, do not risk a close below $19.700 as this will void the pattern, further projecting the market down under $19.000.

Copper (HG): Copper is a little perplexing at its current level as the market has just chopped sideways since March. My bias is for the market to trade lower however the numbers keep going back and forth between bullish/bearish with the sideways action. I would look for a close above $3.0500 on Friday to signal a bullish trade into next week targeting $3.1000 initially. Conversely a close below $3.0215 will signal a return to the bear-camp, targeting $2.9500.

Debt: 10-Year Note & 30-Year Bond

June (M) 10-Year Note settled 16/32nds higher to 124-22½. June (M) 30-Year Bond settled 32/32nds higher to 134-14.

10-Year Note (TY): The notes traded up to 124-29 nearly hitting the 124-31 target we projected last week! We continue to remain bullish this market, targeting 124-31 initially. Dips between 124-05 and 123-28 should be bought, targeting 124-31 initially. However, do not risk a close below 123-20 as this will void the pattern, further projecting the market down to 122-22.

30-Year Bond (US): Similar to the notes the bonds have also remained in a bullish pattern for us all week which played out nicely today! From here, we continue to remain bullish this market, targeting 135-17. Dips between 133-24 and 133-14 should be bought, targeting 135-17. However, do not risk a close below 133-00 as this will void the pattern, further projecting the market down to 131-20.

 

Stocks: S&P 500 & Dow Jones Industrial Average

June (M) S&P settled 37.70 points lower to 1,827.10. June (M) Dow settled 250 points lower to 16,110.

S&P (ES): Our comments from Tuesday, “The S&P rolled back over to the bear-camp on Friday as this market was unable to sustain the new high it had made.” This pattern came to fruition today as the market was slammed lower! We would expect to see a modest bounce on Friday with further selling to come. Only a close back above 1,860.00 will get the bulls back in control, projecting the market up to 1,883.00 initially. Near-term sell rallies.

DJIA (YM): Our comments from Tuesday, “The Dow rolled back over to the bear-camp on Friday as this market was unable to sustain the new high it had made.” This pattern came to fruition today as the market was slammed lower! We would expect to see a modest bounce on Friday with further selling to come. Only a close back above 16,350 will get the bulls back in control, projecting the market up to 16,500. Near-term sell rallies.

 

Currencies: Australian Dollar, Canadian Dollar, Euro Currency, & British Pound

June (M) Australian Dollar settled 0.33 cents higher to 93.84 cents per Aussie. June (M) Canadian Dollar settled 0.52 cents lower to 91.42 cents per Loonie. June (M) Euro Currency settled 0.0039 cents higher to $1.3889 per Euro. June (M) British Pound settled 0.0006 cents lower to $1.6779 per Pound. (All quoted in US Dollars)

AUD/USD (AD): We have been long the Aussie for the last few weeks making for a nice run thus far! We continue to remain bullish this market, targeting $0.9540. Dips between $0.9220 and $0.9150 should be bought, targeting $0.9540. However, do not risk a close below $0.9100 as this will void the pattern, further projecting the market down to $0.8920.

CAD/USD (CD): Cha-Ching! The Canadian Dollar pushed up to the $0.9189 target we have been calling for! From here, this market continues to remain bullish, targeting $0.9340. Dips between $0.9110 and $0.9060 should be bought, targeting $0.9340. However, do not risk a close below $0.9000 as this will void the pattern, projecting the market back under $0.8900.

EUR/USD (EC): Cha-Ching! The Euro pushed up to the $1.3820 target we have been calling for! From here, this market continues to remain bullish, targeting $1.4000. Dips between $1.3840 and $1.3780 should be bought, targeting $1.4000. However, do not risk a close below $1.3760 as this will void the pattern, projecting the market back under $1.3740.

GBP/USD (BP): Similar to the Euro the Pound kicked in our buy signal late last week, and just exploded higher this week! From here, we continue to remain bullish this market, targeting $1.6900. Dips between $1.6680 and $1.6600, should be bought, targeting $1.6900. However, do not risk a close below $1.6550 as this will void the pattern, further projecting the market down to $1.6200.

New Currency Recommendations:

  • 04/08/14: Place an order to buy the CDM14 at $0.9100 or better; should this order be filled, do not risk a close below $0.9000.

 

Energy: Crude Oil & Natural Gas

May (K) Crude Oil closed $0.20 lower to $103.40 per barrel. May (K) Natural Gas closed 6.9 cents lower to $4.655 per 1,000 cubic feet.

Crude Oil (CL): Cha-Ching! Crude traded up hitting our initial target of $102.20 on Wednesday, and nearly hit our $104.00 target today! From here, we continue to remain bullish this market, targeting $104.00. However, do not risk a close back below $101.50 as this will void the pattern, further projecting the market down to $100.00.

Natural Gas (NG): Cha-Ching! Natural gas traded up to the $4.650 target we have been projecting as the market hit $4.703 today! From here, look to sell near-term rallies between $4.660 and $4.750, targeting $4.420. However, do not risk a close above $4.750 as this will void the pattern, further projecting the market up to $4.900.

 

 

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