Welcome to the video update for Monday, November the 30th. Trader Rick starts with the eurostoxx 50 weekly chart where price found support at the lower keltner band. Trend is up. Possible slingshot so keep an eye on that possible pattern. On the daily chart, look for two common chart patterns to take place. Look at the 2700 tick chart for a possible 9/30 setup.
Front month in gold moves to the February contract (G symbol). Price moved thru the 1.27 fib extension in the month of November. Next target is the 1.618. Momentum and trend is strong in gold! The weekly chart illustrates this. The measured move is still a possibility targeting gold at about the $1330/oz.
EUR/USD monthly chart shows price still making HH and HL. Overhead resistance is shown. The daily chart shows some divergence to keep an eye out for.
Next up is the monthly euro currency futures chart where price is moving towards the .786 fib at 1.5200 level. Trader Rick is watching a triangle on the daily chart.
The monthly Canada chart is finishing November as an inside candle indicating hesitation. Look for a break of either end of the candle. Weekly chart shows a dragon pattern we’ve been watching for quit sometime.
An inside candle is what we have on the monthly crude chart. A retracement is still a possibility based on the monthly chart. Be sure to take a look at the daily chart for the ab=cd pattern with a fib extension. Uptrend is still intact.
Trader Rick takes a look at the 10 year Notes monthly chart. See where price is finishing November. Remember to move to the March contract for the notes and the bond futures. The daily notes chart has a possible ab=cd pattern.
We end up with the stock indexes and the first chart is the monthly S&P cash chart. November is the 4th month where price has traded outside the upper keltner channel. What does that mean?
Be sure to review the YM, NQ and the ES charts. Last chart is the 4 hour chart in the ES. Good chart to study.
Good trading!