E-mini S&P taking aim at yearly target of 1512

Daily Market Analysis (SHORT TERM) Friday 09/21/12


KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

INDEXES

E-Mini S&P (December)

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 09/18/12 @ 1449.25. Confirmation of a bottom with a close violation on 09/06/12 @ 1425.00. Upside Targets = 1446.25 – 1460.50.
  • Possible confirmation of a top with a close @ 1449.25 or lower.
  • The December S&P erased their earlier losses along with the rest of the “risk” market assets on Thursday, finishing just a few points off the session’s high.
  • Because of the strong bullish trend and recent market close cluster formation, the S&P looks like it can make a move to new weekly highs on Friday setting up for a challenge of new 2012 contract highs and take aim at our yearly target of 1512.00.
  • Projected Daily Range: 13.00
  • Projected Weekly Range: 39.50
  • Projected Monthly Range: 80.25

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 09/19/12 @ 1780.30. Confirmation of a bottom with a close violation on 08/31/12 @ 1679.40. Upside Targets = 1765.60 – 1809.10.
  • Possible confirmation of a top @ with a range violation @ 1757.60. Possible confirmation of a top with a close @ 1757.60 or lower.
  • December Gold spent most of Thursday retracing its earlier losses as it is now forming a close cluster pattern.
  • Expect gold to break through to new weekly highs on Friday as the call for new highs for the year remains squarely in focus above $1792.70.
  • Projected Daily Range: 19.20
  • Projected Weekly Range: 55.50
  • Projected Monthly Range: 126.40

CURRENCIES

Euro FX (December):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 08/19/2012 @ 1.3040. Confirmation of a top with a close violation on 09/20/2012 @ 1.2981. Downside Targets = 1.2832 – 1.2676
  • The December Euro FX traded just 10 ticks below the support price listed in Wednesday morning’s report before rallying to end the session just below the daily mid-range.
  • Based on historical trading patterns and the strength on the Short Term bull trend, using a 3-5 day correction to re-enter long positions such as the one in the euro has proved profitable and unless this market can close below Thursday’s low of 1.2930 on Friday, expect a continuation move back to the upside next week.
  • Projected Daily Range: .0107
  • Projected Weekly Range: .0301
  • Projected Monthly Range: .0532

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