Welcome to the video update for Monday, November the 28th. If you are an interest rate trader, rollover to the March contract is this week. With the end of the month in two days Trader Rick will look at some big picture charts in this update. First up is the EUR/USD pair monthly chart where it looks like we are going to close below the lows of last month. Please note that when Trader Rick says ‘last week’ and ‘this week’ he actually means ‘month’, not week. Sorry about that error. A close below last month’s low triggers a conservative 9/30 short on this timeframe. The weekly and daily charts are also discussed. A recommendation is given on how to enter short based on the monthly chart but reducing the risk.
The monthly gold chart is discussed with the month of November looking like it will close as a doji, indicating loss of momentum. Watch to see if the month of December closes below the low of November. That may signal the beginning of a retracement.
Trader Rick looks at the daily crude chart where we have defined support and resistance levels. Price is currently in the sell zone so it will be important to see where price goes from here. Watch for a 9/30 short setup.
Moving to the stock indexes, the first chart up is the S&P cash monthly chart where price in November exceeded the high of the month of April but is a narrow range month. See how the S&P cash chart differs from the monthly ER chart. Trader Rick wraps up the update with the ES weekly and 60 minute charts. Note the market structure on the 60 min chart.
Good trading!
Tags: 9/30 Setup, support/resistance
Leave A Reply (No comments So Far)
No comments yet