Forecasts & Analysis, Page

Jobless Claims Soar

Short term momentum has turned positive

US yield rise removing some of the safe-haven bid

There are no stats from the Eurozone to influence, leaving the majors in the hands of Trump who delivers, with exit polls pointing to a Tory victory.

Silver futures in the March contract is trading higher for the 4th consecutive session up 27 cents or 1.67% at 17.13 an ounce

Coffee futures in the March contract is trading higher by another 205 points at 137.25 or 1.52%.

Corn futures in the March contract is currently trading higher by 5 cents at 3.77 a bushel up about 1.55% reversing the sharp losses that we witnessed in yesterday’s trade as price’s hit a 3 month low.

Based on today’s price action and the current price at $1472.60, the direction of the market into the close is likely to be determined by trader reaction to $1474.10 to $1470.00.

Stock markets rally during the trading session on Thursday, based upon a tweet by Pres. Donald Trump that a deal with China was very close. We have seen this movie before.

The silver market went back and forth during the trading session on Thursday as traders continue to try to find some type of longer-term move.

Crude oil markets rallied a bit during the trading session on Thursday, as we continue to press major resistance. At this point in time though, we simply don’t have enough momentum to go anywhere.

Natural gas markets got inventory figures during the trading session on Thursday, with a reading of -73 billion, as opposed to the anticipated -76 billion. Looking at this chart, the market continues to struggle in general, but at this point it’s all about wheather.

Gold markets initially tried to rally during the trading session on Thursday but ran into a lot of resistance in the form of a downtrend line. Beyond that, we also have the 50 day EMA starting to influence the market as well.

The US dollar has gone back and forth during the trading session on Thursday, as we await the tariff decision over the weekend. The December 15 headline is quickly approaching, and that of course is going to be paramount.

The British pound has gone back and forth during the session on Thursday as the election is going on in the United Kingdom. Quite frankly, most of the traders out there have priced and the idea of a Tory victory.

The British pound went back and forth during the trading session on Thursday against the Japanese yen as we await the election result in the United Kingdom. Simply put, we have rallied into the election with a specified result in mind.

The Euro has rallied a bit during the trading session on Thursday, breaking above the 200 day EMA. We have since pulled back a bit though, so it looks as if the market is probably going to fade in this general vicinity.

The Australian dollar rallied a bit again during the trading session on Thursday, as we continue to see bullish pressure. It perhaps was helped by poor US figures, but at the end of the day this looks like a market that is trying to form a longer-term bottom.

Crude oil has flexed some muscle in the North American session and is putting pressure on the key $60 level.

Based on the early price action and the current price at 8483.25, the direction of the December E-mini S&P 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to yesterday’s close at 8405.50.