Forecasts & Analysis, Page

China rethinks its Ag purchases

Based on the early price action and the current price at 3093.75, the direction of the December E-mini S&P 500 Index into the close on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 3092.25.

It has been a very quiet Wednesday session. The Canadian dollar and British pound are flat, and EUR/GBP is also trading sideways. Stronger inflation numbers in the U.S. failed to cause any reaction in the curency markets.

Stock markets have been eerily quiet over the last several days, and now with Congress starting the public display of the impeachment hearings, it of course Jerome Powell speaking in front of Congress, more monkeys have joined the circus.

Silver markets rallied a bit during the trading session on Wednesday, reaching towards the $17.00 level before running into a bit of trouble. That being said, the market does look as if it is trying to go higher, so therefore I like the idea of buying dips, and it appears

The crude oil markets initially dipped during the trading session on Wednesday, as we continue to see a lot of noise in the crude oil market. There are a lot of conflicting forces going on right now in crude, so don’t be surprised at all to see this market do

Natural gas markets have gone back and forth during the trading session on Wednesday, hovering just above a major moving average as we essentially tread water while temperatures in the United States plummet.

Gold markets rallied a bit during the trading session on Wednesday, bouncing above the top of the hammer from the previous session. Now that the market has bounce from the $1450 level, it shows that perhaps there will be buyers going forward.

The US dollar has initially tried to rally during the trading session on Wednesday but then broke down towards the 200 day EMA. At this point, the market looks very likely to continue to see a lot of choppiness, as we had recently tested a major barrier and failed.

The British pound pulled back slightly during the trading session on Wednesday looking for support underneath. That being the case, it looks as if the market is going to continue to form this larger pattern.

The British pound has pulled back significantly during the trading session on Wednesday, reaching towards the bottom of the overall consolidation area that we have been in.

The Euro initially tried to rally during the trading session on Wednesday, but then turned around to reach towards the 1.10 level underneath. That is a level that of course offers a lot of interest for traders.

The Australian dollar has initially tried to rally during the trading session on Wednesday, but rolled over significantly, reaching towards the 0.68 level. Beyond that, there is also a major technical indicator right there.

Currently, commodity prices are the cheapest they’ve been in over 40 years compared to equity prices. US Equities have continued to rise over the past 7+ years due to a number of external processes. QE1, 2, 3, and Fed Debt Purchases Share Buy-Backs and creative credit facilities.

Crude appears headed to its first winning day this week, as West Texas Intermediate has climbed close to 1.0 percent.

News does drive certain market events and we understand how certain traders rely on news or interest rates to bias their positions and trades. As technical analysis purists, so to say, we believe the price operates within pure constructs of price rotation theory, trend theory, technical indicator theory, and

Silver is showing slight gains on Wednesday and has tested the $17.00 for the first time this week.

Based on the early price action and the current price at 1.1009, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the support cluster at 1.0996 to 1.0994.

December Comex gold prices are likely to be underpinned on Wednesday by falling Treasury yields and lower demand for risk. Unless there is a breakthrough in U.S.-China trade relations, concerns over the lack of progress toward a deal are likely going to encourage investors to continue to shed risky assets.

Crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.