Daily Market Analysis (SHORT TERM) Thursday 03/08/12
KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNJ12:
- Short Term Trends are bullish.
- Possible confirmation of a bottom with a range violation @ 124.46. Possible confirmation of a bottom with a close @ 124.46 or higher.
- April Brent Crude reversed course Wednesday, generating its highest close of the week as it looks to push back higher and go after its Weekly Upside Objective of 127.73.
- Projected Daily Range: 2.42
- Projected Weekly Range: 6.14
- Projected Monthly Range: 10.51
CLJ12:
- Short Term Trends are bearish.
- New low made today on current move @ 104.35. Downside Target already over 105% achieved
- April Crude followed in Brent’s footsteps today, reversing its daily close indicator back to bullish after a smaller than expected build in inventories led the market back higher today.
- Overall sentiment is still cautiously bullish at these levels but with positive economic news continuing to unfold, the upside remains the Short Term play.
- Projected Daily Range: 2.32
- Projected Weekly Range: 5.52
- Projected Monthly Range: 10.26
NGJ12:
- Short Term Trends are bearish.
- New contract lows made today @ 2.381. Downside Target @ 2.271 is 95% achieved.
- Nat Gas broke through to new lows Wednesday as it approaches our Q1 downside objective of 2.161.
- Before it can get there though, it will first have to break through the 01/27/12 weekly OVB low @ 2.231 from where the market garnered quite a bit of support and rallied to near $3.
- Projected Daily Range: .077
- Projected Weekly Range: .297
- Projected Monthly Range: .690
METALS
GCJ12:
- Short Term Range Trend is bearish. Short Term Closed Trend is bullish.
- VRCB generated today. Possible confirmation of a bottom with a range violation @ 1709.90. Possible confirmation of a bottom with a close @ 1709.90 or higher.
- April Gold seemed to pump the breaks on the free-fall from Tuesday, trading in a very tight range as it seems to be attracting a few buyers at the recent discounted price.
- The fall in gold may well not be over just yet however, downside targets still loom nearby @ 1639.70 – 1612.20.
- Projected Daily Range: 29.00
- Projected Weekly Range: 66.40
- Projected Monthly Range: 176.10
CURRENCIES
ECH12:
- Short Term Trends are bearish.
- VRCB generated today making new lows on current move @ 1.3096. Downside Target @ 1.3100 over 100% achieved.
- The Euro was able to hit the downside target almost to the tick today before generating a DAILY VRCB and reversing its close indicator from bearish to bullish.
- If Wednesday’s high is violated, a possible move back to 1.3315 may occur before another round of selling begins to go after new 2012 lows.
- Projected Daily Range: .0092
- Projected Weekly Range: .0305
- Projected Monthly Range: .0601
INDEXES
ESH12:
- Range Trend is bearish. Closed Trend is bullish.
- Inside day on Wednesday. Possible confirmation of a bottom with a range violation @ 1366.00. Possible confirmation of a bottom with a close @ 1366.00 or higher.
- The March S&P’s moved back higher today on positive economic reports and also coming from very oversold intraday levels following Tuesday’s massive selloff.
- Unless the S&P’s can close above Wednesday’s high, the bias in this market remains the same that a serious correction is still necessary for this market to move solidly higher.
- Projected Daily Range: 17.25
- Projected Weekly Range: 23.50
- Projected Monthly Range: 73.50
