Welcome to the video update for Monday, January 4th, 2010. Happy New Year! First chart up is the weekly eurostoxx 50 where price last week made new highs and now we focus on underlying support. Two levels are given for initial support. On the daily chart Trader Rick points out an ascending triangle with price breaking out to the upside. Watch for support in the buy zone or at previous resistance.
Next chart is the monthly EUR/USD where we saw price last month close lower than the lows of the previous 3 months. Price is now entering the buy zone. Remember, price action is still showing higher highs and higher lows on the monthly. Take a look at the weekly and daily charts too.
The monthly euro currency chart looks very similar to the EUR/USD chart. If price pulls back keep an eye on the fib zone. Daily euro chart may be forming a baby slingshot. Support is nearby.
Trader Rick goes over the monthly Canada chart. See why he is watching the .50/.618 fib zone. The weekly chart still has the dragon pattern in play and the trend is still up. For a clue of the next direction watch where Trader Rick is looking for a daily close.
For crude and bond traders take a look at the long term charts presented. If you are a bond trader be sure to look at the daily chart with a possible shorting opportunity IF prices rally.
Wrapping up the video update, Trader Rick illustrates the Dow monthly, the NQ monthly, weekly and daily charts and the ES monthly and 60 minute charts. A measured move is discussed with a target at about 1108.
Good trading! (gold will be discussed in the next video update!)
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