|ES_F 1 min|
I hope everyone had a good weekend, we got a bit of snow in the chi along with 20f weather. I’m telling you Chicago’s weather can turn on a dime. Anyway the upcoming week should be another interesting week as volume will slowly decline as the holiday season is once upon us with much economic uncertainty abound. The overnight futures session has been fairly active in range, though not in volume.
We have went from from 1126.75 in what looked to be another test of 6 month highs in the SPOOZ though they were a handle and some change short of new testing highs. The 1222 level is proving to be interim support, Friday this level was a level with much congestion as you cans see from the chart above. The technical pattern forming is a descending triangle which should fail to the downside. The 60 minutes
interview of Federal Reserve Chairman Ben Bernanke and his quivering upper lip did no do much for me in the least restoring any type of confidence in our economy before the holiday season which is now the 2nd season where the future of US capitalism in question.
|Gold Futures 5 min|
Gold is up in a bullish pattern flagging up 1414, if she an get above 1417 momentum will carry the contract higher, though what i find interesting is tonight the dollar futures are actually up slightly about .18% after finding pretty solid support off 79.06. Palladium is up once again .5% on a clear up trending non-volatile trend. Tomorrow we may see a correlation break with gold higher, UP about 10 points,,, with higher and dollar flat with equities down…
Levels for next week to keep and eye on in the SPOOZ are 1214 on the downside and 1227.75 on the upside as that level is 6 month highs and has been tested three times all failing.