Crude, gold and stock indexes turn bearish

Gold and S&Ps reverse to dark side

CURRENCIES

 

ECM12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/03/12 @ 1.3123. Confirmation of a bottom on a close violation 04/20/12 @ 1.3219. Upside Targets = 1.3357 – 1.3418.
  • Possible Conservative confirmation of a top with a close @ 1.3123 or lower.
    • The June Euro FX broke lower overnight before rallying back in the early morning hours to essentially end the day flat while closing in the upper 75% of the day’s trading range.
    •  The Euro should continue its slide lower however the market has made quite the habit of chopping back and forth which is why we have recommended clients to look to alternative commodities until we see an increase in volatility.
  • Projected Daily Range: .0096
  • Projected Weekly Range: .0193
  • Projected Monthly Range: .0429

 

INDICES

 

ESM12:  

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/03/12 @ 1389.00. Confirmation of a top with a close violation on 05/03/12 @ 1386.00. Downside Target = 1368.25.
  • Range violation TREND REVERSAL to bearish @ 1389.00. Closed range TREND REVERSAL to bearish @ 1386.00.
    • The June S&P’s continued lower on Thursday as poor ISM numbers as well as technical resistance at 1400 helped to keep a lid on this market moving higher as we saw the first Short Term Trend Reversal back to bearish for the 2012 year.
    • Look for the S&P’s to make serious push lower to retest the April low of 1352.50 and possibly our Q2 low @ 1318.50.
  • Projected Daily Range: 18.00
  • Projected Weekly Range: 38.50
  • Projected Monthly Range: 73.25
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About the Author
Jim Parrish and Kris Hicks

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience 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. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012.  Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.

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