Welcome to the video update for Thursday, Oct. 29th. Two potential important reports are due to be released before the open on Thursday. The GDP and the Jobless Claims reports come out at 8:30am est so if you trade the pre-market be aware of these two reports. Taking a look at the weekly gold chart, Trader Rick says to watch the close this Friday. If it is below 1043.60 it signals further retracement. Note the support level on the daily. The 50 tick december gold chart has the potential for a dragon pattern so keep an eye on this chart.
The EUR/USD 60 minute chart is updated from last weekend’s video update. The triangle pattern failed and it is important to know that a failed pattern is a pattern in of itself. Price has pulled back sharply since the failed pattern.
In the euro currency we are watching for a weekly close below 1.4826. We have divergence on this timeframe too so it is quite possible we will see lower prices in the next few weeks.
Trader Rick updates the dragon pattern on the weekly Canada chart. The 9/30 long setup on the daily Canada shown in last weekend’s video update did not trigger.
In crude, we are watching for a weekly close below a specific level. This could signal lower prices too.
In the stock indexes, Trader Rick reviews the S&P cash weekly chart as well as the ES market. The important note is that we may be close to completing a B leg up which means the C leg down may be beginning soon, if it hasn’t already. C legs can be sharp so be aware of the possibility of a sharp move to the downside in the weeks ahead. A full retracement to the March lows are possible IF this is a C wave commencing. Near term support in the ES is in the 1012 area.
Good trading!
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