Forecasts & Analysis | Technical, Page

The current rally is being driven by news so value shouldn’t be an issue. If investors were worried about value, the market wouldn’t be grinding higher. It would be pulling back into support or a value zone where investors would be waiting for bullish news.

The market is trading on the strong side of an uptrending Gann angle from the 25703 main bottom on October 3. This angle, moving up at a rate of 64 points per day comes in at 27687 on Friday.

Based on the current price at 3116.00, the nearest support is an uptrending Gann angle at 3108.25. The second support is the uptrending Gann angle at 3103.00 and the third support angle comes in at 3089.75.

The direction of the market into the close is likely to be determined by trader reaction to the main Fibonacci level at $57.36.

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USD/JPY has been steadily decreasing in recent days, as the bulls had trouble overcoming the orange resistance zone. The pair has ended its losing streak with today’s rise, however. Does it mark the end of its decline, or is there more to come?

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The S&P 500 rallied it during the week, but it should be noted that most of that rally was during the day on Friday. At this point, the market looks very likely to continue grinding it out to the upside, but it is getting a bit stretched.

Silver markets stabilized during the week, hanging on the 200 week EMA. However, they did not necessarily do a lot of damage to that horrifically bearish candlestick from the previous week.

The crude oil markets fell during a large part of the week but also turned around to rally during just as much. It seems like every time the short-term charts showed a bearish move, the buyers were there to pick them up.

Natural gas markets gapped lower to kick off the week, and then broke down. However, we have seen buyers come back into the market the turn things around and repudiate the shooting star from the previous week.

Gold markets went back and forth during the week, testing a crucial level underneath at the $1450 level. At this point, the market then bounced to show signs of life again.

The S&P 500 rallied during the trading session on trade hopes as Larry Kudlow suggested that the United States and China were getting closer to the deal. That being said, it’s probably more or less just the excuse of the market needed to finally break out.

Silver markets initially fell during trading on Friday but seemed to have found buyers underneath as we continue to press against the crucial $17.00 level. At this point, the market is trying to figure out where to go next.

The crude oil markets dipped a little bit to kick off the Friday session, only to turn around as buyers enter the marketplace. With that being the case, it’s very likely that the market will continue to be one that favors the upside in the short term.

Natural gas markets went back and forth during the trading session on Friday, as we continue to see a lot of noise in general. At this point, the market looks very likely to be very noisy but have a lot of bullish pressure underneath.

The gold markets have initially pulled back a bit during the trading session on Friday but have also bounced from the lows. At this point, it looks as if gold is trying to build up a little bit of a basin decide whether or not it can continue to go

The US dollar fell during a large part of the week, but then turned around to show signs of life towards the end as we continue to press up against a major resistance barrier.

The British pound has rallied a bit during the week, reaching towards the top of the flag that is currently being built. It should be noted that we are just above the 50 week moving average, which is a representation of support.