Welcome to the video update for Friday, December the 4th. This video focuses on gold and the stock indexes and the first chart up is the gold weekly continuation chart which shows gold continues to accelerate to the upside, trading outside the upper keltner channel, what Trader Rick calls OKC. Note where the 1.618 fib is overhead. The measured move target is also discussed. Trader Rick dials down to the 300 tick chart to help find possible support levels.
Next up is the S&P cash weekly chart where we are watching the close on Friday in relation to the close of the previous two weeks. On the daily S&P cash, Thursday’s trading was an engulfing candle, closing lower than the low of Wednesday. Not a short term positive sign. We are also seeing a bearish divergence too. Trader Rick wraps up with a YM daily/1350 tick and the ES weekly/daily/129600 volume chart. Be sure to check out the YM 1350 tick chart and the ES 129600 volume chart!
Good trading!
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Tags: gold, stock indexes, video update
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