Daily Technicals: Forex, Metals, Stocks, Bonds
Eddie Tofpik | Mar 28, 2018 09:21
EURUSD
A new mar high but also a possible bearish dark cloud cover pattern…however…the market rejected testing the combination support of the middle tine of the jun – sep 2017 bullish schiff pitchfork and also the very recent 50% fib…both at 1.2355.
CABLE
A bearish dark cloud cover pattern with a long lower shadow as the market ran up into the resistance of the middle tine of the jan – feb bullish schiff pitchfork (currently 1.4256) and then violently rejected it…the lower tine of the jan – feb bullish andrews pitchfork (currently 1.4194) is still seemingly running the bullish angle-of-attack of the market…please note the tines crossover early next week…so look out for possible volatility or trend change.
EURGBP
A possible bearish spike top…maybe a shooting star top… with some follow through today…we’ve a second bearish dead cross of the mas…this time it’s the short going down through short/medium.
USDJPY
As suggested yesterday…key reversals are suspect in any yen pairing…we followed this last key reversal up/pipe bottom with a bearish shooting start pattern…however…we’ve not carried on so far today…the market may still be running down the line of the recently broken but key downtrend (currently 104.65) that’d been giving direction this whole year…yet please also be aware of the steadily advancing 2016-to-date uptrend (currently 104.54)…watch these carefully now.
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AUSSIE DOLLAR
A key reversal down as the market didn’t like approaching the significant resistance of the medium ma (currently 0.7779)…we’ve stopped declining at the mar low of 0.7669 and we’re not currently following on any further.
NYMEX CRUDE FUTURES
A second bearish black crow with some follow through today…we seem caught between support from the middle tine of the recent bullish schiff pitchfork (currently 64.32) and the 2018 high at 66.66.
FTSE Futures
A second…fuller…bullish harami as the market followed on its choice to reject the approach to the 2016-to-date uptrend (currently 6748)…however…the recent 61.8% fib at 6978 seems to be halting any rise.
DAX Futures
An indecisive doji cross…almost a bullish northern cross…that’s run into the recent resistance of the 38.2% fib at 12 046 and backed down immediately…we seem to be caughht between this resistance and the support ahead of the lower tine of the 2011 – 2016 andrews pitchfork (currently 11 646).
S&P FUTURES
The bullish pipe bottom was immediately followed by a bearish dark cloud cover pattern yesterday as the market once again rejected resistance from the nearby 50% fib at 2665 and the stronger combination of the medium ma (currnetly 2694) and the key 50% fib at 2705…i cannot keep stressing how important this 2705 level…almost as important as the long ma support (currently 2589) that’s been holding up the market…i have a concern that the current action may be a bearish stick sandwich or even a bear flag…this is why the 2455 bear target may loom again.
GILT FUTURES
Nothing after the previous bullish open and close long white marubozo…caution!
BUND FUTURES
The market chose to break above the combination of resistance…now support…of the tine, fib and ma resistance in the 158.89 – 159.04 area…it rose until it approached the upper tine of the recent bearish schiff pitchfork (currently 159.46) and halted from testing it at the moment.…the market has in the past sought comfort and proximity near the gradually descending middle tine of the sep – dec 2017 schiff pitchfork (currently 158.93)
U.S. BOND FUTURES
A bullish engulfing pattern as the market moved up and over and is now using as support the previous resistance of the descending andrews pitchfork tines between 145.07 – 145.15…we’re now travelling along that support…possibly viewing the mar high at 146.05 as a possible test should the market consolidate here.
LME 3 MONTH COPPER
The market tested back up to the resistance combination of the long ma (currently 6703) plus the middle tine of the recent bearish andrews pitchfork (currently 6694) and it was sucessfully capped there despite a higher close…today we’ve started to initially test the downside.
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