E-mini S&P plunge could continue to 1334

Daily Market Analysis (SHORT TERM) Tuesday 11/13/12


KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

INDEXES

E-Mini S&P (December)

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 11/07/12 @ 1402.25 Confirmation of a top with a close violation on 11/07/12 @ 1402.25. Downside Targets = 1378.25 – 1367.50.
  • Inside VRCB generated on Monday.
  • The December S&Ps put together a small gain on Monday in a thin trading session as it was able to just barely close above the day’s mid-range while failing to follow through on last week’s bearish close indicator.
  • Look for the S&Ps to drop lower in Tuesday’s trading before violating last week’s low and possibly extend the losses further towards our Q4 downside objective of 1334.75.
  • Projected Daily Range: 19.50
  • Projected Weekly Range: 48.50
  • Projected Monthly Range: 76.25

METALS

COMEX Gold (December):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 11/07/12 @ 1721.00. Confirmation of a bottom with a close violation on 11/07/12 @ 1727.60. Upside Targets = 1749.70 – 1769.10.
  • Possible confirmation of a top with a range violation @ 1725.10. Possible confirmation of a top with a close @ 1725.10 or lower.
  • December Gold finished Monday’s session virtually unchanged as Friday’s VRCB trading range is setting up as a solid resistance spot in the market and could lead to a Short Term correction to retest the $1,700/oz. level with a close below Monday’s low of $1,725.20.
  • Projected Daily Range: 16.00
  • Projected Weekly Range: 50.70
  • Projected Monthly Range: 103.60

CURRENCIES

Euro FX (December):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 11/02/12 @ 1.2929. Confirmation of a top with a close violation on 11/02/12 @ 1.2886. Downside Targets = 1.2735 – 1.2676.
  • Inside VRCB generated on Monday.
  • The December Euro FX remained virtually unchanged on the day in one of the narrowest trading ranges of the year due in large part to the US holiday after failing to break through Friday’s bearish OVB.
  • Look for last week’s low to be violated on Tuesday and for the euro to continue its descent lower as it approaches the 1.26 level by week’s end.
  • Projected Daily Range: .0084
  • Projected Weekly Range: .0197
  • Projected Monthly Range: .0501

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