Video Update: 15 March

Welcome to the video update for Monday, March the 15th. Don’t forget we have a FOMC announcement on Tuesday at 2:15pm est.
Ok, first chart up is the weekly eurostoxx 50. Last week was a narrow range doji, indicating hesitation, contraction. Note where price is in relation to the 9ema. If price moves higher look for a test of the last swing high. The daily eurostoxx 50 chart paints a different picture. Is it bullish?

Trader Rick looks at the gold weekly, daily and 60 minute charts so if you trade gold, don’t miss these. We may get a complex correction on the weekly chart. If price does retrace lower take a look at the daily chart for a possible downside target. The 60 minute chart shows nearby support and also two MACD short setups.

We finally got movement on the weekly EUR/USD chart after multiple doji weeks. Keep an eye on the sell zone IF price moves higher.

Trader Rick reviews the EUR/JPY weekly forex chart where we are watching price to see if it can reach the sell zone. Combined with considerable overhead resistance this could provide a good selling opportunity.

Trade Canada? Take a look at the weekly Canada chart where price may be breaking out of a trading range. The long discussed dragon pattern is moving closer and closer to its tail target.

The weekly crude chart is next and last week was a narrow range week. Overhead resistance is not far away.

Index traders should look at the SPX, YM, ER and the ES charts. Note the daily ER ab=cd pattern that completed last Friday. The market seems to be hesitating here but the overall trend remains up. Note we have the YM not making new highs while the other major indexes made new highs this past week.

Good trading!

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Tags: doji, dragon pattern