Daily Technical Analysis Report: Market Watch

Daily Technical Analysis Report
MARKET WATCH
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Date: 04/04/2014
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Commodities | Precious - Metals
GOLD
ST Trend
Obj: DECEMBER FUTURE RESISTANCES SUPPORTS 1265.00 LEVEL1 1295.00 1281.50 TRP: LEVEL2 1297.60 1277.00
Down
1321.20 LEVEL3 1321.20* 1265.20*-
Comment: The market is bearish, but trying to correct off the 1284-1275 target zone. Be ready for modest rebounding or corrective days. Any corrections should try to setup a bear flag and stay under 1305. A close over 132120* is needed to secure a short term turnaround and spark retracements against the recent selloff. Suspect one more bear leg with a close under 1277 warns for a drop to the 126520*-1262 area.
SILVER
ST Trend
Obj: DECEMBER FUTURE RESISTANCES SUPPORTS 19.520 LEVEL1 20.120 19.600TRP: LEVEL2 20.315 19.500
Down
20.950 LEVEL3 20.585 -
Comment: The market is short term bearish and warns for a slide to 1952-. A close under 1945 will send declines against old lows from Dec-January. If trade is reluctant to extend under 1950 by mid-week, be alert for a bounce into several corrective days, likely starting flagging congestion up around 2030. Closes over 2061 and 2095* are needed to signal a bullish turn.
COPPER
ST Trend
Sdwys /Down
3.0885 LEVEL3 3.0885* 2.9595
Date: 04/04/2014
Comment: Overall the market is still bearish and drop below 29595 could resume declines to
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test at 290-. A close under 28770 is needed to add to washouts to 271. The current recovery suggests rising congestion to force a test at 30885* resistance for a bottoming turn. Be careful for a setback from 30885*.
Date: 04/04/2014
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Commodities | ENERGY
CRUDE OIL
ST Trend
Obj: JANUARY FUTURE RESISTANCES SUPPORTS None LEVEL1 100.58 98.99* TRP: LEVEL2 101.11 98.40Sdwys/Down 98.99 LEVEL3 101.62* 96.36*
Comment: The market is caught between 9899* support and 10162* resistance. A close under 9899* alerts for a short term bear turnover and larger selling wave to 9800-9700 and possibly 9636*. Yesterdays bounce off 9899*+/- gives a slight bull bias for today. However, a close over 10162* is needed for a critical upturn to higher prices.
NATURAL GAS
ST Trend
Obj: JANUARY FUTURE RESISTANCES SUPPORTS 4.636 LEVEL1 4.487 4.413 TRP: LEVEL2 4.568 4.366 Sdwys 4.321 LEVEL3 4.636* 4.321*
Comment: The past two day rebound is twisting short term trend forces up and hints for climbing moves to 4636*. Be prepared for near term sideways congestion along 4400+/- as trade works to turn trend momentum forces up. Stable action over 4321* will build for rallies. Only a close under 4321* rekindles bear trend forces.
Date: 04/04/2014
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T Bonds | INDICES
MINI S&P
ST Trend
Obj: DECEMBER FUTURE RESISTANCES SUPPORTS 1900.00+ LEVEL1 1900.00+ 1874.75 TRP: LEVEL2 1868.00
Up
1854.25 LEVEL3 -
Comment: The breakout push into new highs provides short term bull signals, projecting a drive to over 1900+. Be ready for follow through rallies. Any corrective dips should fight to stay around breakout levels in the 1870's. A slip under 186725 is negative for the day, but only a close under 185375* reverses the market to topping trade action.
MINI DOW
ST Trend
Obj: DECEMBER FUTURE RESISTANCES SUPPORTS Comment : 16760+ LEVEL1 16580 16419 TRP: LEVEL2 16760 16360+/-
Up
16147 LEVEL3 16800 16271*
MINI NASDAQ
ST Trend
Obj: DECEMBER FUTURE RESISTANCES SUPPORTS 3531.00 LEVEL1 3650.25 3606.00 TRP: LEVEL2 3669.00* 3580.00*
Up
3669.00 LEVEL3 3700.00+ -
Comment: The market is still in a bear trend, but rebounding action alerts for recovery moves to test around 366900*+/-. A close over 366900* signals a bull turn, projecting a run back over 370000+. If rally attempts are rejected around 366900*, be ready for a slide back through Tuesdays upturn, but a close under 358000* is needed to rekindle bear trending.
Date: 04/04/2014
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Commodities | GRAINS
SOYBEANS
ST Trend
Obj: JANUARY FUTURE RESISTANCES SUPPORTS None LEVEL1 1490.00+ 1454.00TRP: LEVEL2 1516.00 1438.00 Sdwys/Up 1429.25 LEVEL3 1545.00+/-
Comment: The market is in a bull drive, but yesterdays rally hit the expected target at 1490+. The formation retains potential, but look for a close over 1490 to send a push up around 1545+/-. Yesterdays back off from over 1490+ cautions for a slip into a few flagging congestion days. Trade should find support back along the upper edges of previous congestion. Only a close under 1438 3/4* negates the breakout signal.
SOYMEAL
ST Trend
Obj: JANUARY FUTURE RESISTANCES SUPPORTS 497.70 LEVE1 485.10 472.30 TRP: LEVEL2 491.50 469.90 Sdwys/Up 463.40 LEVEL3 497.70 463.40*
Comment: The market is bullish, showing a breakout into new highs and signaling for a drive to 49770. Trade is positioned for aggressive rallies the next few days. Any corrective dips should fight to hold within Mondays range to maintain the upside breakout signals. Only a close under 46340* highlights a topping turnover.
SOYBEAN OIL
ST Trend
Obj: JANUARY FUTURE RESISTANCES SUPPORTS None LEVEL1 41.76 41.22 TRP: LEVEL2 42.06* 40.80* Sdwys/Up 42.06 LEVEL3 42.35 40.43
Comment: Wednesdays reversal rejected the corrective rally at 4206*+ and the sharp retreat into the close warns for a shift into defensive congestion trade for the next few days. A close
Date: 04/04/2014
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under 4057 could send a drop to again test 4016* weekly support. Only a close over 4176* will boost trade to challenge 4206* resistance again and attempt sustained advances.
Date: 04/04/2014
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WHEAT
ST Trend
Obj: MARCH FUTURE RESISTANCES SUPPORTS 658.00 LEVEL1 682.00 666.00 TRP: LEVEL2 688.00 658.00
Down
701.25 LEVEL3 701.00 -
Comment : The market is in short term topping selloffs and open for a selling leg down to 658 1/2. Be ready for continued aggressive selloffs today, but a stall around 658 1/2+/- could prompt a near term bounce to start corrections. Any rally attempts will likely struggle inside Tuesdays range. A close over 701 1/4* is needed for a reversing upturn. A close under 658 1/2 warns for a larger unfolding selloff to 640-.
CORN
ST Trend
Obj: MARCH FUTURE RESISTANCES SUPPORTS 515.00+ LEVEL1 501.00 492.00 TRP: LEVEL2 506.00 489.00
Down
489.50 LEVEL3 515.00+ -
Comment: Mondays bull day still indicates an upside breakout over recent sideways flagging congestion and creates potential for a significant bull wave to 515+. Yesterdays corrective setback has trade testing back against previous flagging levels. Trade should hold 489 1/2* to maintain a bull posture. A surge over 507 1/2 will likely spark rallies. Only a close under 489 1/2* signal a reversing turn to the downside.
Date: 04/04/2014
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Commodities | SOFTS
SUGAR
ST Trend
Obj: MARCH FUTURE RESISTANCES SUPPORTS None LEVEL1 17.26 16.87 TRP: LEVEL2 17.50 16.80-
Down
17.60 LEVEL3 17.60* 16.49-
Comment: This weeks drop off signals a short term bear reversal with a chance for sustained choppy declines to 1650. Trade is poised for selloffs, but modest recovery / congestion action over 1680 could prompt sideways higher consolidation inside the lower half of Tuesdays downturn for bear flag congestion today-Monday. Only a close over 1760* rekindles bull trend forces.
COFFEE
ST Trend
Obj: MARCH FUTURE RESISTANCES SUPPORTS 159.50LEVEL1 175.80 167.20 TRP: LEVEL2 178.00 166.00 Sdwys/Up 193.05 LEVEL3 183.30* 159.50
Comment : The market remains bearish and drop from last weeks flagging action suggests a larger selling wave to below 160-. We may see attempts to hold sideways in flagging action, but any corrections should struggle to rally over 17830. Tight congestion will lead into selloffs. A penetration under 166 could propel selloffs / bear trending to 15950.
COCOA
ST Trend
Obj: MARCH FUTURE RESISTANCES SUPPORTS None LEVEL1 2940.00 2900.00 TRP: LEVEL2 2987.00* 2885.00*
Up
2987.00 LEVEL3 3039.00 -
Comment: The market is suggesting a downturn from peaking congestion and should extend the current selling wave to 2885*. A close under 2885* is bearish. Any attempts to recover will
Date: 04/04/2014
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likely just resume choppy sideways trade and stay setup for selloffs. Only a close over 2987* rekindles bull trend forces and drive trade to attack the last swing high.
Date: 04/04/2014
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COTTON
ST Trend
Obj: MARCH FUTURE RESISTANCES SUPPORTS 89.64 LEVEL1 92.37 90.39 TRP: LEVEL2 93.06 90.11 Down 94.86 LEVEL3 94.86* 89.64*
Comment: The market is signaling a negative flip to short term bear trending and calls for pressured trade to test a key 8964* support. A close under 8964* marks a multi-week peaking turn and should foster selloffs to 8600-. A reluctance to penetrate below 9000 could bounce trade for a few more sideways congestion days, but a close over 9486* is needed to rekindle bull trend forces.
Date: 04/04/2014
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Forex | CURRENCIES
EURO
ST Trend
Obj: DECEMBER FUTURE RESISTANCES SUPPORTS 1.3666 LEVEL1 1.3749 1.3702 TRP: LEVEL2 1.3790 1.3666* Sdwys/Down 1.3864 LEVEL3 1.3803 -
Comment : Down sloping trade signals a bear turnover and potential for selloffs to 13666*. A sustained drop under last Fridays low should drive follow through selloffs against 13666*. A reluctance to extend under 13702 may yet prompt corrections, but tight congestion will bear flag. A close over 13864* is needed for a reversing turn back to higher levels.
B POUND
ST Trend
Obj: DECEMBER FUTURE RESISTANCES SUPPORTS None LEVEL1 1.6672* 1.6555 TRP: LEVEL2 1.6765 1.6539* Sdwys/Up 1.6672 LEVEL3 1.6773 1.6434
Comment: The market shows mostly sideways drifting action, but keeping trade capped under 16672* keeps the balance of trend forces to the downside. A close below 16539* will recapture bear trend forces and drive trade to 16434 and could foster a slide to 16350-. A close over 16672* will trigger a reversing turn back to higher prices, sending trade to attack for a breakout over previous swing highs.
J YEN
ST Trend
Down
0.9776 LEVEL3 0.9776* 0.9561-
Comment: The market is bearish, but dropping selloffs to the 9617 target. A close under 9598 is needed to continue washout declines against the base levels from early this year. Be alert for a
Date: 04/04/2014
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reluctance to renew selloffs under 9700 and in turn trigger a reactionary bounce today-early next week. However, only a close back over 9776* reverses trade back to the upside.
Date: 04/04/2014
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AUSSIE$
ST Trend Obj: DECEMBER FUTURE RESISTANCES SUPPORTS 0.9362 LEVEL1 0.9219 0.9160 TRP: LEVEL2 0.9257 0.9114 Down 0.8992 LEVEL3 0.9362+ 0.9075-
Comment: The market is in a bull drive, but a punch over Tuesdays high is needed to spark continued direct rallies to reach for 9362. Suspect a few corrective days. Corrective dips should hold along the upper edges of recent congestion at 9075- to keep a friendly alignment. Likely another 1-2 day sideways congestion will bull flag. A close under 8992* marks a reversing turnover.
CANADIAN$
ST Trend Obj: DECEMBER FUTURE RESISTANCES SUPPORTS None LEVEL1 0.9069 0.9002 TRP: LEVEL2 0.9074 0.8980 Sdwys/Down 0.8932 LEVEL3 0.9111 0.8932*
Comment: The climbing moves over the past week signal a short term upturn. A breakout surge over 9069 suggests a drive to 9150-9200. Trade is poised for rallies, but Fri-Mondays rejections from just over 9069 cautions for a minor slip to sideways congestion along 9000 as trade consolidates gains. Tight congestion days should bull flag. A close under 8932* rekindles bear trend forces.
SWISS FRANC
ST Trend
Sdwys
1.1395 LEVEL3 1.1395* 1.1155
Comment: The market is bearish, but yesterdays selloff dropped trade to the expected 11219 target. A close under 11219 could add washouts to 11159-, but be alert for a reluctance to continue selloffs under 11219- which could prompt modest reactionary rebounds today-
Date: 04/04/2014
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Monday. Be ready for resistance around the middle of previous congestion near 113+/-.
Disclaimer: This Report Is only for General Information. Opinions/Estimates Contained Herein is Subject to
Change without Notice. The Data/Information Herein Provided Is Believed to Be Reliable But Does Not Warrant for Its Accuracy/Completeness. We are Not Liable for Any Action Taken by Any Party Based on the above Information. This Material Is Not Intended As An Offer Or Solicitation for the Purchase or Sale of Any Financial Instrument.
Date: 04/04/2014
www.sevenstarfx.com
Date: 04/04/2014
www.sevenstarfx.com

Daily Technical Analysis Report: Market Watch

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Commodities | Precious - Metals

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