S&P 500 nears multi-year high; gold eying $1,800

Daily Market Analysis Friday 02/24/12

KEY TERMS
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

METALS

GCJ12:

  • STT 1 and STT 2 Trends are bullish.
  • New 2012 highs made on Thursday @ 1789.50. Upside Target 70% achieved.
    • April Gold moved higher again on Thursday, logging gains every day this week so far, but avoided becoming a VRCB by one tick today as buyers seems a little reluctant to push this market through the $1,800 level after moving so much so fast.
    • Gold may see a little profit taking to end the week after such a large move but should have no problems breaking $1,800/oz. in short order.
  • Projected Daily Range: 27.90
  • Projected Weekly Range: 43.90
  • Projected Monthly Range: 187.10

CURRENCIES

ECH12:

  • STT 1 and STT 2 Trends are bullish.
  • Bullish ERVB generated today making new 2012 highs @ 1.3381. Upside Target over 100% achieved.
    • The Euro exploded higher Thursday, busting through the daily RBB as it looks to move even higher on its way to our Intermediate Term objective of 1.3656.
  • Projected Daily Range: .0106
  • Projected Weekly Range: .0268
  • Projected Monthly Range: .0653

INDEXES

ESH12:

  • STT 1 and STT 2 Trends are bullish.
  • STT 1 confirmation of a top with a range violation @ 1352.75. Possible STT 2 confirmation of a false top @ 1369.75.
    • The March S&P’s broke lower to begin the day by running a few sell stops before returning back higher today as it is setting up to prove that the break lower was just a false indicator and could very well set up a move to not only go after our Q1 Target of 1383.50 but also an new multi-year high of 1411.25.
  • Projected Daily Range: 12.75
  • Projected Weekly Range: 31.75
  • 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.

About the Author
Kris Hicks

KMH is a trading and technical analysis firm that specializes in commodity futures and commodity based ETF’s. Kris Hicks has worked for numerous years in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October in oil. He also called the all-time high day for gold on Sept. 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. He was also responsible for projecting the Q2 and Q4 low in the Euro FX to within 13 and 9 ticks, respectively. His trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. His expertise is focused on 16 commodities plus the comparable ETF markets. You can reach Kris at Kris@KMH-Capital.com or visit his website at www.KMH-Capital.com.

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