Daily Market Analysis Friday 02/17/12
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
STT 1 Trend Based on a Range Violation
STT 2 Trend Based on a Close Violation
RBB Resistance Bollinger Band
SBB Support Bollinger Band
- Trends are bullish.
- Possible STT 1 confirmation of a top with a range violation @ 1334.00. Possible STT 2 confirmation of a top with a close @ 1334.00 or lower.
- The March S&P’s continued lower initially last night to follow through on Wednesday’s break but, as in the other "risk" markets, came back strong throughout the day due to positive U.S. economic news
- The market continues to snap back based on positive economic news but is doing so cautiously. Still it is important to note that it is an election year and no matter what, you should look for some rabbits to keep being pulled out of the hat all the way until November with an incumbent seeking re-election
- Q1 Target = 1383.50
- Projected Daily Range: 19.00
- Projected Weekly Range: 32.25
- Projected Monthly Range: 91.50
Parrish Hicks Capital Research is a trading technical analysis firm that specializes in WTI. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years experience in the commodity business and in 2011 accurately called both $25 moves to the downside in May and July and the $25+ move to the upside in October. Their trading methodology confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Although their expertise is focused on WTI, they also provide technical analysis on 16 commodity markets including the energies, metals, equity index, currencies, grains, meats and interest rates. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com. www.ParrishHicks.com.