Welcome to the video update for Monday, December the 14th. Don’t forget we have a FOMC meeting announcement at 2:15pm est this coming Wednesday. Trader Rick starts with the weekly gold chart where price is pulling back but not in to the buy zone yet. Support levels are provided in this update. Overhead targets are discussed also. The .618 fib level is not far from Friday’s low shown on the daily chart. Trader Rick dials down to the 150 tick gold chart and discusses what to look for if a buying opportunity presents itself.
Next up is the EUR/USD weekly chart where price is currently in the buy zone. See where to look for support if this level does not hold. A specific level is provided. The 60 minute chart shows price in the sell zone and a possible slingshot but may be old news by the time you receive this video update.
The euro currency daily chart is next up and price is trading outside the lower keltner. If price rallies look for a shorting opportunity in the sell zone. Possible support is provided if price moves lower.
Not much to talk about on the weekly Canada chart. Price is in a trading range but the dragon pattern remains in play.
Trader Rick discusses the monthly chart in crude oil because price last week took out the lows of last month which was an inside doji candle. The close on a monthly basis in crude will be important this month possibly as a bearish pattern may be unfolding, but too soon to tell. The weekly and daily crude charts are also reviewed.
The weekly 30 year bond charts are up next where Trader Rick is watching a possible a-b-c pattern. Bonds are in a trading range on the large timeframes.
Next are the stock indexes and the first chart up is the weekly S&P cash chart where price remains near the year’s highs. No sign of a rollover here. The daily chart shows the trading range we are currently in. Trader Rick illustrates the weekly and daily YM charts then moves to the weekly NQ chart and the 900 tick NQ chart where overnight trading is discussed. If you trade the ES take a look at the daily and 4 hour chart.
Good trading!
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