KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNK12:
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation @ 124.65 and a close violation @ 125.43 on 04/02/2012. Upside Targets = 127.52.
- New high made on current move Tuesday @ 125.97. Upside Target 75% achieved.
- May Brent Crude was able to make a push to new 5 day highs before the FOMC minutes were released Tuesday afternoon and the market fell accordingly.
- Brent remained in the same monotonous trading range that is has been stuck in over the past month and a half and traders should brace themselves for more of the same in the near future.
- Projected Daily Range: 2.15
- Projected Weekly Range: 5.13
- Projected Monthly Range: 9.90
CLK12:
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 03/22/12 @ 105.69. Confirmation of a top with a close on 03/22/12 @ 105.35. Downside Target = 103.54-101.01
- Inside day generated on Tuesday.
- May Crude also broke lower after the FOMC minutes were released Tuesday afternoon and the Fed indicated that another round of QE would not be introduced in the near future.
- With the Short Term trend is decisively bearish, look for WTI to continue lower towards our weekly downside target of 98.98.
- Projected Daily Range: 2.13
- Projected Weekly Range: 4.53
- Projected Monthly Range: 9.76
NGK12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 03/22/12 @ 2.392. Confirmation of a top with a close on 03/22/12 @ 2.372. Downside Targets = 2.161 – 1.860
- C > HOLB generated on Tuesday. Possible confirmation of a bottom with a range violation @ 2.205. Possible confirmation of a bottom with a close @ 2.205 or higher.
- May Nat Gas rallied for is second consecutive day on Tuesday as the market tries to make a Short Term rally as WTI and Brent move lower.
- Nat gas has an initial upside target of 2.345 where I would look for the first opportunity present to pile back on short for the next down leg to push below $2.00 to our Long Term objective of $1.799.
- Projected Daily Range: .084
- Projected Weekly Range: .173
- Projected Monthly Range: .620
METALS
GCM12:
- Short Term Trends are bearish.
- Confirmation of a top on 04/03/2012 with a range violation @ 1646.60. Downside Targets 1612.80 – 1594.70.
- June Gold was decimated on Tuesday as it generated its second Short Term TREND REVERSAL in two days and is setting up for another fall to make new two month lows.
- Any intraday rally should be used to sell this market as this is one of our most powerful signals of market direction.
- Projected Daily Range: 25.00
- Projected Weekly Range: 59.30
- Projected Monthly Range: 128.30
CURRENCIES
ECM12:
- Short Term Trends are bullish.
- Confirmation of a top on a range violation on 04/03/2012 @ 1.3256. Confirmation of a top on a close violation 04/03/2012 @ 1.3220. Downside Target 1.3068 – 1.2968.
- The June Euro broke lower on Tuesday as it responded to the Fed’s comments that it would not offer another round QE in the near term as its own debt problems persist.
- The Euro could make a serious move lower over the Intermediate Term, possibly as low as 1.2455 in the coming months.
- Projected Daily Range: .0113
- Projected Weekly Range: .0181
- Projected Monthly Range: .0503
INDEXES
ESM12:
- Short Term Trends are bullish.
- Confirmation of a bottom on 04/02/2012 with a range violation @ 1406.50 and a close violation @ 1408.25. Upside Targets 1426.75 – 1433.25
- Inside day generated on Tuesday. Possible TREND REVERSAL to bearish with a range violation @ 1398.75. Possible confirmation of a top with a close @ 1391.75 or lower.
- The June S&P’s were only fractionally lower on Tuesday as the initial shock in the market seemed to subside and the S&P’s were able to settle the day above their mid-range.
- If this market makes new lows for the week after Wednesday, look for the entire weekly range to trade to the downside towards 1386.00.
- Projected Daily Range: 14.50
- Projected Weekly Range: 31.75
- Projected Monthly Range: 75.00
