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Nov. 8
Futures Markets setups, signals, and targets
Bonds “US” (Dec)
Coverage for Nov. 8.Monday's weak late bounce suggested that buyers hadn't returned since Friday's crash. That left the market under-invested and susceptible to reacting forcibly in case of bullish news. The news came. Tuesday's open gapped up to the 112'00 area and added more than a half-point by mid-morning. A narrow range through the afternoon eventually sold-off into the close and ended with a half-point gain on the day. This leaves outstanding the gap back to Monday's close under 111'24 needing to be filled.(Basis Dec) Short under 113'00 (met 11/2) for 111'28 (met 11/3) and 111'12 and 110'26 targets, 111'24 stop (met 11'7))
Crude Oil “CL” – mini “QM” – (Dec)
Coverage for Nov. 8.Tuesday's choppy morning eventually slid to new session lows in negative territory through the afternoon. The close was in the process of retesting the 59'00 stop as support, while MACD and RSI diverged positively. Any delay in recovering Wednesday would make a test of 57'85 likely before another rally attempt.(Basis Dec) Long above 59'25 (11/6) for66'25 and 70'00 targets,59'00 stop
Gold “GC” – mini “YG” – (Dec)
Coverage for Nov. 8.Friday's prior highs were thoroughly tested during Tuesday's choppy session, which ended with yet another test of the 627'00 stop. The outstanding potential to 641'00 all but requires immediately resuming the rally Wednesday morning.(Basis Dec) Long above 611'50 (met 11/1) for628'00 (met 11/2) and 641'00 targets, 627'00 stop
Dollar “DX” (Dec)
Coverage for Nov. 8.After closing again Monday at the range's 85'60 upper-end, a move to the range's lower-end at 85'20-85'25 was expected to be underway shortly. In fact, Tuesday's open gapped down sharply to the range's lower-end, then extended sharply lower to retest last week's lows at the pullback's original target. A bounce into the close ended at the range's 85'20-85'25 lower-end, leaving outstanding the gap back to Monday's close that is now likely to attract price higher.(Basis Dec) Long above 85'00 (9/7) for 86'30 (10/06) and 86'75 (10/11) targets, 85'35 stop (met 9/21)
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