Welcome to the video update for Monday, December the 7th. Remember, the indices roll to the March contract this Thursday. Not much change in the european markets so the first chart up is the gold weekly where prices retreated sharply on Friday. This puts price in the buy zone on the daily chart. If price finds support here, look for a retest of last week’s high. Will it be a lower high? What is likely to follow if we do make a lower high?
Support on the EUR/USD weekly is given as well as the daily chart. Trader Rick points out a possible slingshot on the 60 minute chart. The euro currency chart is similar to the forex pair but take a look at the daily euro. The currencies will be rolling to the March contract later this week.
Trader Rick updates the Canada weekly chart and the dragon pattern.
Crude experienced a very narrow trading range last week. Watch support at the 75.50 area to see if it holds.
The weekly 10 year note chart is next up. If you trade the notes be sure to check this out.
The video update finishes with the stock indexes starting with the S&P cash weekly chart. See which fibonacci level is nearby overhead. Take a look at Trader Rick discussing the YM 1350 tick chart and the ES 4 hour chart with a possible unusual pattern in play. Is it bearish or bullish?
Good trading!
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