E mini futures have been trading in a tight triangle range for the last week.
It has been opportunities shorting the top and buying the bottom of the range.
No flowing trend that we all love to trade, but still chances to make money on 10 point swings it has provided.
Resistance comes in at 2158. Every test sellers have been defending very well.
Support at the bottom of the triangle comes in at 2140 area which has been bought on every test.
The triangle is getting smaller which means this market will breakout very soon one way or another.
Key Resistance above for bulls is 2170. Above we can rip to 2200 in no time.
We have a gap from the selloff in early Sept that needs to fill first @ 2175.
Key Support is 2130 below we could get a rapid sell off to test 2100 -2090 area.
First level of support we have to break is the well defended 2120-2115 zone.
The leader of the pack solely from the major tech headlines.
The only Index to breakout and make new ATHs after the Sept selloff.
It has a brick wall at 4885 area that can’t be breached after several tests.
That’s our major Resistance level now 4885-4890.
Key Support is a nice distance away at 4820 – 4800 area.
Minor level to watch is 4850 was tested early this week and held as Support.
Below that we can test 4820 easily.
If we break higher this will be the index to watch as it has been stronger.
Crude Oil has been the most voilite and interesting instruments to trade this year. Crude oil regains the $50 a barrel level for the first time since June. Last week OPEC reached an agreement deal to cut production to 32- 33 million barrels a day. The official meeting is Nov 30 in Vienna.
First level of Resistance is at 51.00- 51.50 zone from June highs before making a significant pullback to 40 lows in Aug.
This is a key level of interest to monitor in the next few weeks.
If we reject we can look to retest Support at 47 - 46 area.
50.60 has held as first level of Resistance this week.
50.00 is the first level of Support on the downside.
Gold got crushed this week. Dropping $43 posting the largest single day percentage loss since Dec 2013.
Once the 1310 Support was broken the flood gates were open. Finally finding Support at 1269 level.
A strong Dollar and ECB expectations QE tapering and higher probability December rate hike.
We are in are our first level of Support in the 1255 area. Above 1270 we can retest 1280-1290 previous Support now Resistance zone. The next level of Key Support comes in at 1240 if we break the 1254 lows. If they really get it going the next level of Support comes in at 1215 area.
Golds sibling also to a beat down this week. Silver futures have declined 16% from its July 16 highs.
Buyers stepped in at the 17.20 area. Key Resistance is 17.70 above we can retest 18 – 18.30s
Still a long way to go to get back to those July highs. Below next level of Support is 16.50 -16.20 area.
16.00 – 15.80 if it starts to really tank.
Natural Gas is on the rise on forecasts of a cold winner ahead.
Nov rose 1.08% to $3.082. Natural Gas data released showed a much larger than expected addition to stockpiles but the market still surged higher. Last couple days NG has been strong I don’t see it slowing down.
Next level of Significant Resistance is a gap @3.35 to 3.44 from Dec 14
Short term Resistance comes in at 3.20 -3.225
Key Support holds at 2.970 – 2.900
Thanks for tuning in you can follow me on twitter @LSADave for updates.
Be on the lookout for charts and video recaps going forward.
Dave The Facts Guy