Wednesday, December 26, 2012

Dec. 26

Still equity markets are riddled with the fiscal cliff uncertainty. Volume and participation, post-holiday, is very light. Thursday's economic data could lead to some activity; jobless claims @ 8:30 a.m., consumer confidence and new home sales @ 10 a.m.

Today's views:
ES - Dec. 90d POC @ 1412. Missed 'the dip' @ 1414.
NQ - Rangebound between Dec. VAH & VAL. May begin looking for uturn off VAL.
YM - No update
TF - Short still working out, bailed too soon. 1hr ATR stop still not violated. DT rejection near 90d VAH. Possible re-entry on rallies to 844.
ZN - No update. Finding range near 90d VAL & Dec. VAL
ZB - Looking for a pullback to 90d VAL ~ 146'20
ZF - Still rangebound between 1yr VAH & POC
CL - Rising channel on hourly; Wedge & trendline resist on 1yr. A short is tempting, but only against channel resist. A pullback to 90d POC (also 1yr POC) good possibility.
NG - No update. Strong channel on 1yr, pullback to Dec. VAL (3.27) is area of interest for longs.
RB - No update at these levels. 3.0426 1yr VAH of interest as resistance. (2.9148 on hourly)
HO - No update. 3.0678 first test of resist on hourly POC.
GC - 1630 = 61.8% retracement of May - Sep move. Only level of interest as price beginning to balance @ 50% retrace levels.
SI - 29.675 = 61.8% retrace - similar thoughts as gold.
HG - No update
PL - No update.
PA - Watching 701 levels as hourly VAH and multiple top levels.
6E - No update. 1.3300 1yr VAH, possible resist.
6A - 1.028 hourly VAH & swing low supt from Nov.
6B - No update.
6J - Falling knife; no update.
6C - No update.
6S - 1yr POC moved higher to 1.0916. VAH @ 1.1013... possible resist level.
6M - Flat. Continues lower; no update. Erratic looking price action during holiday trade session.
6N - No update.
DX - Bounced off Dec. VAL and holding @ Dec & 90d POCs.
ZC - No update.
ZW - No update.
ZS - Nov POC = 1411.5, a good level between that and 78.6% retrace of Nov - Dec rally between 1401 & 1411. (Last - 1417...)
ZL - No update.
ZM - No update.
ZO - Declining channel, looking to sell rallies.
SB - No update.
OJ - No update.
KC - No update. Two nice bounces off Dec. VAL. Will key in again at those levels ~ 144 - 143.
CT - Still long 1. Pushing thru 90d VAH testing some major swing peaks from Oct, Aug & June over 78. Rising channel still leaves a lot of upside on hourly.
CC - No update. Falling knife. Swing lows from Nov provided no support @ 2328
LE - 1hr VAH possible building balancing area. Shorts = high risk.
GF - No update.
HE - Similar pattern on /LE. 87.60 has been developing as possible DT & resist. zone. Also 61.8% retrace from Jun - Sep drop. 1yr POC = 85.80, which could be a good scalp target short term. Dec. hourly POC 85.50. On radar over next 2 days. Reversal signal fired while away from screen @ 87.5 Watching 2nd bar for entry tomorrow. 

LBS - No update. Screaming higher. High risk shorts against no R levels.
NKD - No update. Gapping higher on lower Yen (6J) - high risk shorts.

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