Natural gas at 10-week lows, S&P 500 under pressure

Daily Market Analysis (SHORT TERM) Tuesday 08/28/2012

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/17/12 @ 1622.10. Confirmation of a bottom with a close violation on 08/20/12 @ 1623.00. Upside Targets = 1644.20 – 1657.20.
  • New highs made on current move Monday @ 1679.30. Upside Target over 130% achieved.
  • December Gold was able to generate new four-month highs on Monday after following through on last week’s bullish price action but erased most of the session’s gains after the pit session close as it last traded just off the day’s low.
  • Look for gold to settle back lower on Tuesday and test the $1,650 level as a possible multi-day sell-off could push this market as low as 1,637.20 before finding support and moving back higher.
  • Projected Daily Range: 16.00
  • Projected Weekly Range: 42.10
  • Projected Monthly Range: 105.00

CURRENCIES

Euro FX (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/14/2012 @ 1.2379. Confirmation of a bottom with a close violation on 08/21/2012 @ 1.2451. Upside Targets = 1.2623 – 1.2699.
  • Inside VRCB generated on Monday. Possible confirmation of a top with a range violation @ 1.2482. Possible confirmation of a top with a close @ 1.2482 or lower.
  • The September Euro FX traded in one of its most narrow trading ranges of 2012 but managed to still confirm bearish daily price action as it closed below the previous sessions close and below the daily mid-range.
  • Monday’s price action should dictate that the Euro not only confirm a Short Term top in the market but also make a significant move lower back below 1.2300 to previous levels of support at 1.2258.
  • Projected Daily Range: .0089
  • Projected Weekly Range: .0211
  • Projected Monthly Range: .0601

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 08/23/12 @ 1404.00. Confirmation of a top with a close violation on 08/23/12 @ 1400.00. Downside Targets = 1387.50 – 1375.50.
  • The September S&P’s was unable to sustain its rally in afternoon trading on Monday as the market saw technical trend reversals on intraday time intervals that eventually forced this market to close just off its daily lows.
  • Look for the S&Ps to make a move lower during Tuesday’s trading to challenge last week’s low of 1395.25 back below 1400 and eventually trading down to the Intermediate Term objective of 1346.50.
  • Projected Daily Range: 15.25
  • Projected Weekly Range: 37.50
  • Projected Monthly Range: 95.75
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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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