Today, the Euro FX Futures has made another new high. The price action only tagged the upper side of the support zone on the daily chart. But, there is a slight loss of upward momentum, so I would not be surprised if the market pulls back to the support zone. Ultimately, I continue to expect […]
Yesterday, the gold market traded down through the support zone. Today, the market has traded back above the support zone. This is called a spring. Traders were able to sell the market down, flush out the weak holders and now the market should move higher. I have marked 4 of 5 points for a broadening […]
Following yesterday’s rally and headline news detailing the Dow’s close above 13,000, the markets today are taking a break. So far, the NYSE and the NASDAQ volume ratios are indicating two-way markets with tech showing signs of some light buying.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index […]
Since my last postings, the market traded up and above the resistance zone. However, the market has now reversed and the daily RSI readings have formed a pivot high below 62, which is a sign of a down trending market.
The Aggregated TradeFlow chart is set to 3-ticks range (available in CQG 7.5) with my two […]
The CQG Analog Chart, which is a chart display that plots multiple markets, has crude oil (blue bars), gasoline (light green close only line), and heating oil (white close only line) plotted. In addition, I have the RSI study plotted for each market using the same colors as the prices.
Since my last writing, the price […]
Today, the Euro FX Futures is pulling back. So far, the price action has yet to test the support zone on the daily chart. I lean towards that the market will get down there. However, I continue to expect higher prices because the recent extreme daily RSI readings are above 62. A trading range will […]
Since my last write up, gold has broken the demand line of the uptrend channel and the nearby support zone. Now, the market is testing the next support zone on the daily chart. The current action has taken the RSI reading to below 50. Markets in uptrends will often move into corrective phases that produce […]
Hello readers,
I am out for the next three days. My next posting will be on Thursday, April 26th.
Thom
Equities opened sharply higher in reaction to better than expected earnings reports. However, it looks like traders are taking profits into the early morning strength based on the declining NYSE and NASDAQ volume ratios, albeit from very high levels.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative […]
Sellers are still pressing the market lower after testing the resistance zone yesterday. The trend is down because the daily RSI readings have closed below 38.
The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Currently, the market is headed lower. The current readings of the […]