Lets take stock for we have covered many trends over the last few weeks.

  • Long move in USDJPY from 78.8 to 80.5 (done)
  • Short move in USDJPY from 80.2 to 79.2 (underway)
  • Short move in ES from 1430 to 1380 (done)
  • Short move in EURUSD from 1.3020 to 1.2830 (done)
  • Short move in GBPJPY from 128.8 to 126.9 (done)
  • Short move in EURJPY from 103.3 to 101.6 (done)

There are more out there but some were busted like a short move in AUDUSD from 1.036 to 1.0230 and GBPUSD from 1.597 to 1.584.

But this has been an extraordinarily beginning to Nov and what a welcome to Barrack Obama.


Lets get to the charts and setups as we stand upon the absolute last line before this falls off. As I write this, ES is already on its way down to abyss and well played to the shorts.

es

ES has achieved its p&f target of 1380. But that does not ease its problems as below 1378, we are headed to 1368.  Not only is the contract in the volume hole, if we close weak inside the hole, we are headed to the lower BB at 1320 which is also the nest volume hole. Dont play for any squeeze as there is none yet or expected.

oilOil is at 85 which as I keep stressing is Netline spanning many days. A break on closure will be disaster for commodities in general and will be targetting 80 levels and even the P&F targets of 78. Keep watch on this as this could easily decide the difference between 1320 on ES and back to 1430.dxThe dollar index is in an inevitable push to the 100 DMA at 81.34bondThe bond snapshot shows the reason why equities have taken it on the chin. Bunds pulled up above 143. The action started right after the US bond auction which came in strong suggesting that money was chasing safety.usdcadUSDCAD is just tinkering above the daily Netline buy at 1.0016. Be long above as its a great setup given Oil weakness. The upside is 1.005 and then 1.01. It is also forming cup and handle formation and a break above 1.002 will establish a new uptrend.