Highlighting potential areas of price exhaustion/ acceleration for the coming week
Focus time horizons – Daily: Focus markets: SPX/ Nasdaq/ WTI/ Gold/ DXY
Methodology – We attempt to identify levels within the chart where price could not stay for any length of time, therefore indicating the probability of willing buyers or sellers in or around
In a sentence:
“The SPX daily uptrend remains intact with price trading above the 8 and 50 EMA, however RSI is now diverging with lower tops, with the current pattern looking very extended versus its most recent uptrend line”
Current trend: UP / Current resistance: 2585/ Current support: 2480 (origin of most recent move i.e. breakout level)
Candlestick sentiment: Long tails and ‘doji’ like patterns (shaded area) suggest ongoing indecision at current levels.
Upcoming catalyst(s) to be aware of: Initial Jobless Claims (Nov 3rd) release – Thursday 9th
Premier markets education
In a sentence:
“Bulls remain in charge on the back of strong numbers from AMZN and MSFT, however price does look extended versus it’s most recent upward trendline, but RSI has yet to show signs of any near term weakness”
Current trend: UP / Current resistance: 6288/ Current ‘fresh’ support: 6007 (price has not, as yet retested this level – therefore it is a ‘fresh’ level)
Candlestick sentiment: Bullish engulfing (shaded area) suggest bias is still up for now
Upcoming catalyst(s) to be aware of: Take Two – Nov 7th/ IAC Interactive, Square Nov – 8th
In a sentence:
“A significant upside breakout into a new trading range is currently in play with next significant selling pressure at 61.26”
Current trend: UP / Current resistance: 61.26/ Current support: 54.35 (origin of most recent move in that price has not yet come back to test this ‘fresh’ level)
Candlestick sentiment: Bullish engulfing setups (shaded area) suggests the possibility of a further leg higher
Upcoming/ recent catalyst(s) to be aware of: Baker Hughes U.S. Oil Rig Count – Nov 10th
Latest Cot positioning: CME WTI positioning higher on the week to Oct 24th, Net position – Long
Seasonal bias: Tends to be weaker over the month of November
In a sentence:
“Trades below its 8 and 50 day EMA on the back of a ‘still complacent’ VIX, with next support at round number 1250”
Current trend: DOWN / Current resistance: 1312/ Current support: 1250 (note the early August price rejection from this latter point (shaded area), indicating willing buyers at this round number level)
Candlestick sentiment: Bearish engulfing setups of late with RSI also making lower tops
Upcoming catalysts to be aware of: RBA Interest Rate Decision – Nov 7th (commodity related currency)
Latest Cot positioning: CME positioning marginally lower on the week to Oct 24th, Net position – Long
Seasonal bias: Tends to trade sideways over the month of November
In a sentence:
“A clearer uptrend continues to develop with next significant sellers located in or around 95.80, albeit price is currently extended versus its most recent uptrend line”
Current trend: UP / Current resistance: 95.80/ Current support: 93.51 (origin of most recent ‘speedbar’ move)
Candlestick sentiment: Bullish engulfing (shaded area) which suggests the possibility of a further move higher
Upcoming catalyst(s) to be aware of: ECB Non-monetary policy meeting – Nov 8th
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