KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNQ12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/11/12 @ 97.18. Confirmation of a top with a close violation on 05/02/12 @ 118.20. Downside Targets = 92.38 – 90.71.
- Inside VRCB generated on Tuesday.
- August Brent Crude opened on its low and traded higher throughout all of Tuesday’s session as it seemed to still be gasping for air having been sold off over $5 during Monday’s volatile trading.
- Should Tuesday’s low be violated @ 96.25, look for this market to continue lower down to our extended downside targets of 92.12 – 90.36.
- Projected Daily Range: 3.29
- Projected Weekly Range: 7.24
- Projected Monthly Range: 11.82
CLN12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/11/12 @ 81.99. Confirmation of a top with a close violation on 06/11/12 @ 81.20. Downside Targets = 77.08 – 76.32
- New lows made on current move Tuesday @ 81.07. Downside Target = 76.32.
- July WTI Crude made fresh 2012 lows on Tuesday before spending most of the rest of the day session trading sharply higher and closing in the upper 90% of the day’s range and trading within 16 ticks of Friday’s mid-range, a key upside number today.
- WTI may continue a bit higher in overnight trading but with a day packed full of both US economic indicators and current inventory report, a heavy dose of volatility should be in order.
- Projected Daily Range: 3.62
- Projected Weekly Range: 6.60
- Projected Monthly Range: 11.27
NGN12:
- Short Term Trends are bearish.
- Confirmation of a top with a range and a close violation on 06/07/12 @ 2.312.
- New lows made on current move today @ 2.173. Downside Target over 105% achieved.
- July Nat Gas was able to put in a moderate advance on Tuesday yet still generated fresh monthly lows below $2.200 before again finding Short Term support at the daily Support Bollinger Band.
- Look for Natural Gas to continue to fall down towards our downside objective of 2.127 before it finds additional support and then eventually knock out the contract lows @ 2.096.
- Projected Daily Range: .093
- Projected Weekly Range: .264
- Projected Monthly Range: .490
METALS
GCQ12:
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation on 06/12/12 @ 1609.40. Confirmation of a bottom with a close violation on 06/01/12 @ 1601.50. Upside Targets = 1677.50
- August Gold rallied almost $20 higher on Tuesday as it closed at its highest level in nearly a week as uncertainty over global markets seem to be the only constant in recent news and is putting a “fear” premium on the precious metal.
- Having made new highs for the week on Tuesday, this market should continue higher toward $1,662.20 to complete the projected weekly upside target of 79.50.
- Projected Daily Range: 33.00
- Projected Weekly Range: 79.50
- Projected Monthly Range: 105.90
CURRENCIES
ECM12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 06/05/12 @ 1.2512. Confirmation of a bottom on a close violation 06/06/12 @ 1.2546. Downside Targets = 1.2209 – 1.2097
- Possible confirmation of a top with a range violation @ 1.2442. Possible confirmation of a top with a close @ 1.2442 or lower.
- The June Euro FX was able to squeak out a small gain on Tuesday due largely to a declining USD and large equity market rally.
- The Euro did see the amount of downside volatility dry up today but with multiple large US economic data points being released on Wednesday, look for the Euro to have an expanded range and generate fresh weekly lows.
- Projected Daily Range: .0139
- Projected Weekly Range: .0310
- Projected Monthly Range: .0575
INDEXES
ESM12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 06/06/12 @ 1287.00. Confirmation of a bottom with a close violation on 06/06/12 @ 1315.50. Upside Target = 1339.00.
- Possible confirmation of a top with a range violation @ 1296.75. Possible confirmation of a top with a close @ 1296.75 or lower.
- The September S&P’s traded mostly higher on the session during Tuesday’s action as the market was severely oversold into Short Term support on Monday yet still managed to dip its head below the 1300.00 threshold in early trading, setting up for a possible Short Term top in the market.
- Look for the S&P’s to continue to chop back and forth this week ahead of the Greek presidential elections but mostly work its way back lower to 1280.50.
- Projected Daily Range: 30.00
- Projected Weekly Range: 54.75
- Projected Monthly Range: 90.25
