Platinum, CAC 40, USD/CAD and NASDAQ 100 Forecast – Markets on the Move

Platinum Technical Analysis

There are a lot of questions out there about the silver market and platinum will follow right along. We have a hard floor at the $2,000 level. I think that is worth noting and I also notice that we have quite a few wicks in this neighborhood of $2,200.

If we get anywhere near $2,000 and bounce on a shorter time frame, such as maybe the 15-minute chart, then perhaps I will take advantage of that. You can see that we did plunge a bit early in the session. We will have to see if that holds. If not, then I probably let this go at least for the moment.

I want to see a little bit further selling. The jobs number, of course, came out much hotter than anticipated, so it is putting some of the metals under pressure. We will see whether or not I get my opportunity here; probably a 40% chance that we get in that area, but it is something that I would be interested in. As far as a breakout is concerned, we have got a lot of resistance above. I do not want to buy into that.

CAC 40 Technical Analysis

I am watching CAC 40 in Paris. It initially fell and it seems like it is offering quite a bit of support at the 8,275 Euro level and the 8,400 Euro level above I think is a major barrier. I like buying short-term dips because this market has been outperforming as of late, with an eye on the 8,275 level as maybe a barrier. If we break down below there, I will get rid of it, but I do think we are in the process of trying to stretch higher and break out. So, I like Paris at the moment.

USD/CAD Technical Analysis

I am watching the US dollar against the Canadian dollar. This is a market that seems to have a hard floor at the 1.35 level. I am interested in buying. We will just have to wait and see how this plays out, but anything below 1.35 would change the potential move, to say the least.

This is very noisy and it will probably remain very noisy for the rest of the day, but I think a buy-on-the-dip for a short-term trader’s type of mentality might work out quite well here. Keep in mind though oil is starting to perk up so we will see how that plays out. That could work against the dollar here, but the stronger-than-expected US jobs market is very pro-dollar at the moment.

NASDAQ 100 Technical Analysis

Finally, we have the NASDAQ 100. We are crossing the 50-day EMA. I would be interested in above 25,450 or so because I think that represents yet another breakout. We had a bounce from the 200-day EMA. It looks like we are ready to continue going higher. In that environment, I am looking for 26,250 again. We will just see. We may even break out. Earnings season, of course, is going on, so that causes a little bit of hectic behavior, but if the US economy is doing strong and the stock market is not falling apart, worrying about Fed cuts, I think we are in a pretty good place.