http://www.fxstreet.com/technical/market-view/the-midday-minute/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-10.htmlApple (AAPL) has rocketed into a French Curve upside vertical assault right to its upper channel zone between 480.00 and 488.00, which should put a lid on the current up-leg from the Jan 24 low at 419.00. Allowing for a 1% overshoot beyond the upper channel line at 488 -- which puts it into the 492-94 area -- my work argues that some profit-taking in AAPL is warranted "up here." A decline should press the stock towards 460.00.Fri, 10 Feb 2012 05:10:13 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-10.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-09.htmlCisco (CSCO) reports earnings after today's close. With that in mind, let's have a look at the comparative patterns (and my intermediate-term analytics) on some big-cap technology names. Intel (INTC) is on a technical buy signal (since Jan 4) and will remain so unless it breaks 26.30 (1st warning), but must break 24.97 to damage the chart structure. My next upside target is 27.50/80 and then 28.50. Cisco (CSCO) is on a technical buy signal (since Jan 4) and will remain so unless it breaksThu, 09 Feb 2012 04:57:28 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-09.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-07.htmlSpot gold continues to respect the integrity of its up-slanted channel off of the Dec 29 corrective low at $1522.48. As long as the lower channel support line remains intact in the vicinity of $1700, the uptrend channel will continue to dictate the directional action of gold. Today's low at $1711.57 could be the conclusion of a pullback off of last Fridays high at $1763.71. A climb above $1730 is needed to trigger initial confirmation that $1711.57 ended the latest correction, and that a newTue, 07 Feb 2012 04:42:25 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-07.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-06.htmlOn Wednesday we noted to subscribers that VECO Instruments (VECO) appeared to have completed a pullback when it hit its January 27 low of 23.75 and to watch for a sustained climb above its prior significant rally peaks at 26.57 and 26.40. Since then the stock has popped its head above these peaks, which should trigger powerful upside acceleration to 28.00 and then to 30.50. All of the action since mid-November has the right look of an impressive bottom pattern in the aftermath of a completedMon, 06 Feb 2012 04:51:00 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-06.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-02.htmlFor nearly two weeks, Oracle (ORCL) has been consolidating its post-earnings gains from 24.91 to 28.95, which has taken the form of a high-level bullish coil pattern that should be preparing to thrust to the upside towards a next optimal target zone of 29.40/60. At this juncture, only a decline that breaks 28.00-27.95 will wreck the promising near-term technical set-up.Thu, 02 Feb 2012 05:03:11 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-02.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-01.htmlMy near- and intermediate-term work on Kinross Gold Corporation (KGC) indicates strongly that a significant low was established at 9.96 on Jan 19 and that the upmove to 11.95 on Jan 26 represents the initiation of an intermediate-term recovery and/or bullish period. The target for the first upmove is 12.50/60. As for the extreme near-term weakness off of last Thursday's (1/26) rally high at 11.95 into today's low at 11.15 (so far), my micro pattern work points to 11.10-11 to contain theWed, 01 Feb 2012 05:06:42 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-02-01.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-31.htmlToday's weakness in the Euro/USD (so far) has held important support in the 1.3080/50 area, which represents a former 6-week upside breakout plateau. As long as EUR/USD respects the integrity of the support zone, the recovery rally off of 1.2620 (Jan 15) will remain intact. As we speak, EUR/USD is rebounding off its intraday low at 1.3075 to 1.3135, which is providing a bit of a tailwind for spot gold prices. As for gold, the earlier weakness probed, but did not break, the prior pullback lowTue, 31 Jan 2012 04:55:22 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-31.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-27.htmlWhile the overall market waffles and appears a bit exhausted "up here," we continue to like Acme Packet (APKT). Both my near- and intermediate-term work argue that APKT ended a major bear phase at its Jan 4 low at 25.20 and that the upmove to Tuesday's high at 31.78 represents the first up-leg of a new bull-recovery period. This recovery appears destined for 40.00 and then 45.00-47.00 thereafter. Initial near-term support resides at 29.40/0, which if violated will call for a deeper retracementFri, 27 Jan 2012 04:59:48 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-27.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-26.htmlApple (AAPL) satisfied my preferred pattern action in reaction to earnings by thrusting above its 3-year upper channel boundary lines at 460-65. But thereafter it failed to hold above the top of the channel. This argues strongly that AAPL has put in a near-term spike peak ahead of a near-term topping process that will be followed by a correction into the low 400 target zone.Thu, 26 Jan 2012 04:58:46 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-26.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-25.htmlNearby NYMEX oil experienced a deep retracement of yesterday's upmove from 97.40 to 100.24. This morning's low at 98.25 followed by an upside pivot and rally to 99.20-plus preserved yesterday's low as well as its up-leg, which itself exhibited bullish form. If my work proves accurate, then today's deep retest satisfies a completed correction of yesterday's up-leg, and as well initiates a new up-leg in oil and the U.S. Oil Fund ETF (USO). The up-leg should hurdle near-term resistance atWed, 25 Jan 2012 04:50:59 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-25.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-24.htmlThe enclosed weekly chart of the gold/silver ratio shows that from mid-April 2011 to late-December 2011, gold prices outperformed silver within a period of overall precious metals weakness. The pattern carved out during the Apr-Dec period exhibits a very bullish structure, which implies that a new bull leg has started in the gold/silver ratio -- led by gold. That said, the recent (current) three-week pullback in the ratio from 56 to 52 represents a minor correction (silver is outperformingTue, 24 Jan 2012 04:50:54 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-24.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-23.htmlPurely from a technical perspective, let's notice that the Euro/US Dollar hit a one-week high this morning at 1.2985 off its low at 1.2620 (+2.85%). It has since corrected and turned up from 1.2890, which happens to be the recent upside breakout plateau of a two-week base-like formation that projects to 1.3080-1.3120. So far, the fact that the Euro/USD preserved support at its prior upside breakout area is a very constructive sign of higher prices ahead, after the current rest-digestion periodMon, 23 Jan 2012 04:45:51 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-23.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-20.htmlOne chart set-up that we need to watch closely in the coming hours and days is the comparison of the dollar and commodity indexes, as their directional price implications could have a major impact on a cross-section of markets. Let's notice that the recent up-leg in the Dollar Index (DXY), which peaked at 81.78 on Jan 13, ended amidst a series of daily RSI momentum divergences that warn us that the U.S. Dollar could be in the early stages of a significant period of weakness. A sustained breakFri, 20 Jan 2012 04:56:19 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-20.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-19.htmlBelow is a newly created daily sector chart for the big investment & trading banks accompanied by a chart of the cash S&P 500 for comparison and relative strength purposes. The SPX currently is on a bullish signal. Only a decline that breaks 1277.50 will neutralize the signal. Goldman Sachs (GS) currently is on a near-term neutral signal, but will shift to bullish on an upside hurdle of 106.10. Morgan Stanley (MS) currently is on a near-term neutral signal, but will shift to bulish onThu, 19 Jan 2012 04:51:00 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-19.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-18.htmlToday's strength in the risk-on markets in general and in the industrial commodity markets in particular likely reflects a collective sigh of relief that China Q4 growth came in a touch better than expected -- at 8.9% versus 8.7%. This has triggered some short-covering and perhaps optimistic new buying interest ahead of renewed optimism about forthcoming China economic stimulus, as noted in the charts on copper, silver, and oil. Copper, in particular, as viewed on the daily globex chart, hasWed, 18 Jan 2012 04:53:37 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-18.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-16.htmlThis morning's JP Morgan (JPM)-inspired weakness in the e-mini S&P 500 has propelled the inverse ProShares UltraShort S&P500 (SDS) towards a retest of yesterday's high at 18.40. If hurdled and sustained ahead of a three-day weekend, this could trigger upside acceleration to probe important near-term resistance between 18.50 and 18.80. Let's notice that the major resistance line in the SDS now is at 18.90, which represents both critical resistance and a potential major upside breakoutMon, 16 Jan 2012 04:59:13 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-16.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-13.htmlOil is considerably higher today, as geopolitical tensions continue, and despite despite yesterday's larger-than-expected inventory build in oil and gasoline, and unseasonably warm weather across much of the nation. Increasingly, it appears that all of the action off of the Jan 4 high at 103.74 into this morning's price at 101.94 in NYMEX crude oil futures has carved out a high-level bullish coil pattern. When complete, this pattern should resolve into a new up-leg that propels nearby NYMEXFri, 13 Jan 2012 04:45:50 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-13.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-12.htmlThe good news is that the SPDR Gold Shares (NYSE: GLD) has carved out an up-leg off of its Dec 29 low at 148.27 into today's high at 160.05 that exhibits very bullish form. This along with my 5.5-month cycle low last month argues that a significant correction has ended (Sep-Dec) and that a new bull phase has commenced. In addition, let's notice that the GLD is sitting above both of its 200-day moving averages, which also is a very constructive sign. That said, the not-so-good news (perhaps) isThu, 12 Jan 2012 05:20:15 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-12.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-11.htmlYesterday's plunge in Amazon (AMZN) changed my perception of the strength of the rally off of the Dec 29 low at 166.97. As of this moment, my pattern work argues that a complex corrective counter-trend rally is in progress that should propel AMZN to 190-193, but which likely will be followed by another loop to the downside that revisits the Dec 29 low. That said, my sense now is that I should stand aside, awaiting AMZN to press into the 177-74 support zone prior to the anticipated nextWed, 11 Jan 2012 04:59:53 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-11.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-10.htmlIncreasingly, my near-term work is "warning" me that the correction in NYMEX crude oil from its Jan 4 high at 103.74 likely ended at this morning's pre-market low at 100.83. A climb above 102.05/15 will confirm the low and indicate that a new up-leg is in progress for oil and the U.S. Oil Fund ETF (USO) that should propel futures prices towards 106-108 next.Tue, 10 Jan 2012 05:05:03 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-10.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-09.htmlAfter two hours of trading, let's notice that although the e-mini S&P 500 declined 14 points off its reaction spike-high after the Jobs Report, the weakness did NOT violate last evening's pullback low at 1266.75, which preserves a constructive intraday pattern bias. At this juncture, only a decline that breaks both 1268.25 and 1266.75 will disrupt the overall bullish pattern off of yesterday's low -- and should trigger a press to test more critical support at 1259.75. Meanwhile, I amMon, 09 Jan 2012 05:14:19 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-09.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-06.htmlMy pattern and momentum work argue strongly that Amazon (AMZN) completed a major corrective process at its Dec 29 low at 16.97 off of its Sep 20 high at 244.30. All of the action off of last week's low at 166.97 represents the initiation of a bottoming period that should morph into a powerful recovery upleg into the 200-210 initial target zone. Only a violation of 166.97 will invalidate my current outlook.Fri, 06 Jan 2012 04:57:09 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-06.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-05.htmlRight now my technical work is undecided as to whether gold and the SPDR Gold Shares (GLD) established THE corrective low on Dec 29 at 148.27. What I think I do know is that the upmove so far from 148.27 to today's high at 157.02 (+5.9%) has propelled the price structure into a very heavy cluster of resistance. This resistance is represented by the simple and exponential 200-day moving averages, the prior Sep-Oct bottoming period, and my declining shorter-term EMAs of 14, 30 and 50 days. TheThu, 05 Jan 2012 04:56:10 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-05.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-04.htmlCisco (CSCO) acts extremely strong, but is approaching a challenging resistance area around 19.00. The stock today has rocketed from around 18.00 towards a test of its key Nov-Dec resistance plateau, now at 18.95 (up to 19.05). This level will likely stall the current rally prior to a final thrust that projects to 19.25/35 to complete the initial upmove from the Nov-Dec bullish coil pattern.Wed, 04 Jan 2012 04:42:02 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2012-01-04.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-30.htmlAlthough right now we only have anecdotal evidence that that SPDR Gold Shares (GLD) might be making a significant multi-month corrective low in the vicinity of 148.50/25, all of my timeframe work from 5 minutes through the enclosed daily suggest that the price structure is nearing downside exhaustion. In the absence of some very negative, sudden catalyst, such as EUR/USD falling off of a cliff in reaction to some negative event, the GLD is poised for a period of recovery strength and/orFri, 30 Dec 2011 04:32:49 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-30.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-29.htmlSince its Sept-Oct recovery rally peak at $35.71, spot silver prices have stair-stepped to the downside towards a retest of the Sep 26 spike low at $26.02. If violated and sustained, this should trigger a final bout of long liquidation that presses silver into a minimum target zone in the vicinity of $25.00, but possibly into the $22.00-$20.00 target support zone, where I will be expect price stability ahead of the emergence of a sharp recovery rally period. At this juncture, only a suddenThu, 29 Dec 2011 04:38:04 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-29.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-28.htmlDespite last week's rally in the major trader/broker banks, let's notice that none of the upmoves in Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) inflicted significant damage to the still-dominant downtrends. You can see the near- and intermediate-term resistance levels labeled on the enclosed charts. Only BAC made a new low (4.92) for the bear phase, and then staged a 15% multi-day rally to 5.65, but appears to have stalled right at its nearest-term hourly resistanceWed, 28 Dec 2011 07:25:13 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-28.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-22.htmlWell, wouldn't we all like to know what new ECB head Draghi is thinking about Mr. Market's response to his "cheap money give-away" right about now. EUR/USD has plunged from 1.3200 to 1.3030/40, which has dragged down all the sympathetic and synchronized global equity and commodity markets too -- all in the last two hours or so! No worries, he is probably on the phone right now with Ben Bernanke, who has much more expertise on the subject. In any case, let's watch with interest if EUR/USD isThu, 22 Dec 2011 04:45:40 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-22.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-21.htmlApart from the fact that Bank of America (BAC) is up 3% the day after it hit a low 4.93 yesterday, the lowest level since March 2009, let's notice that current strength has not inflicted any meaningful technical damage to the nearest-term downtrend -- at least not yet. BAC must hurdle and sustain above 5.23 to inflict preliminary technical damage. However, upside continuation that climbs above 5.29/30 to hurdle my 30-period exponential moving average is needed to really get my attention on theWed, 21 Dec 2011 04:45:09 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-21.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-20.htmlIn the aftermath of the 2007-2009 banking crisis bear market in global equities, the first market to reverse (Oct. 2008) -- and the first one to peak -- in the near-vertical advance thereafter was the Shanghai Composite. The China index hit its high at 3482.50 on 8/05/09, up 109% from 1664.93. That said, it has been declining ever since, and has relinquished 72% of its bull-market run. The Shanghai closed at new "correct- ive" lows today, heading for next support at 2100-2090 in the aftermathTue, 20 Dec 2011 04:56:52 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-20.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-19.htmlWeakness in nearby NYMEX Crude Oil has continued beneath my original target zone of 93.80 into a near corrective low of 92.52 so far. Once again, my 4-hour RSI momentum work has registered a downside NON-confirmation of today's new reaction low, which is our first warning sign that perhaps the oil price slide is nearing completion. That said, my optimal next target zone for the conclusion of the post-Nov 17 corrective process is 92.10-90.30. In that today's low has not yet entered the optimalMon, 19 Dec 2011 04:48:30 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-19.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-16.htmlLet's be aware that the "Twins" are acting in unison again, which warns us to watch the Euro/US Dollar like a hawk for directional clues about the e-mini S&P 500. Both indices appear to have failed in their recovery rally attempt so far this morning, and since have turned lower. If the Euro/USD remains beneath 1.30000, the likelihood is for another bout of long liquidation that unleashes another downleg that points next to 1.2880/50 on the way to 1.2500. Conversely, only a resumption ofFri, 16 Dec 2011 05:03:58 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-16.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-15.htmlAfter failing to climb out of its December "bullish" coil pattern above 395.00 yesterday, Apple (AAPL) has plunged in sympathy with the overall market. The stock is quickly approaching a test of its 50% retracement support plateau of the entire prior up-leg from 363.32 to 396.41. Inability of 380 to contain the weakness will argue for additional pressure into the 376-374 next near-term target zone. If violated this will point to a revisit of the November lows at 366-363.32.Thu, 15 Dec 2011 04:51:24 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-15.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-14.htmlLet's notice that today's weakness in the SPDR Gold Shares (GLD) has pressed the price structure right to a test of its 11-month support line, now at 160.90, which so far has contained the selling pressure. That said, daily RSI remains pointed straight down, but unlike yesterday now is accompanied by a breakdown in EUR/USD, too. Both of these increase the likelihood of a break of the 11-month support line on the way to a test of the rising 200 DMA in the vicinity of 158-157.Wed, 14 Dec 2011 04:55:37 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-14.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-13.htmlMy work in nearby NYMEX oil argues that current weakness should violate Friday's low at 97.65 on the way to a press into the 96.00 area, where the price structure should make an attempt to hold and pivot to the upside, preserving the late-Nov double-bottom lows around $95.00. If such a scenario unfolds, then oil and the U.S. Oil Fund ETF will enter a powerful new up-leg that projects to $106-$108 thereafter in NYMEX crude. Only a sustained violation of $94.65 will invalidate my preferredTue, 13 Dec 2011 04:47:12 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-13.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-09.htmlIt is no coincidence that the next and probably the most highly anticipated Euro-zone Summit is scheduled right in the timeframe for a low in the 5.5 month (122 day) cycle in spot gold prices. Within a cycle of such length, the bottoming window is +/- 7 days in an imperfect cyclical world, which means that gold already may have bottomed. If not, then there still remains risk of a negative reacton to the Euro-zone Summit plan, which could send gold into another nosedive next week. That said,Fri, 09 Dec 2011 05:11:01 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-09.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-08.htmlAll of the action in Bank of America (BAC) off of the Dec 5 high at 5.95 has taken the form of a bullish coil pattern. If accurate, this argues for upside continuation that projects next to a confrontation with BAC's six-month down trendline, now at 6.13. A hurdle of this level should trigger upside continuation and acceleration towards 7.00. At this juncture, I am only willing to risk a break of the lowest coordinate of the coil (6.64) on an intraday trading basis.Thu, 08 Dec 2011 04:49:06 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-08.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-07.htmlMonday's high at 102.44 in NYMEX nearby crude oil has the right look of a failed attempt to climb to new multi-month highs above 103.37. It also exhibits 4-hour negative momentum divergences that argue the powerful upmove off of the October 4 low at 75.95 is exhausted and in need of a correction that presses the price structure towards a test of the Oct-Dec up-trendline, now at 99.00. Of course, geopolitical headlines and event-risk remain a potential powder-keg issue for crude oil prices.Wed, 07 Dec 2011 04:30:09 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-07.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-06.htmlAlthough Italian and Spanish bond yields have plunged today, in reaction to optimism about a forthcoming "real deal" to solve or contain the Euro-zone debt crisis, let's notice the neither the price of spot gold nor the Euro/USD appear impressed -- at least not if the solution implies a massive ECB liquidity injection. That notwithstanding, the gold pattern carved out off its October 21 low at $1666.60 exhibits bullish structure. That "warns" us about forthcoming renewed strength in gold andTue, 06 Dec 2011 04:46:17 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-06.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-05.htmlAcme Packet (APKT) has come off of its intraday high of 36.07 along with the overall market. My stop is at 35.19, which is at the lower end of the near-term breakout-support zone. My intraday profit target of 36.19 represents a climb into key near-term measured swing and resistance targets.Mon, 05 Dec 2011 05:06:39 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2011-12-05.html