Wednesday, December 29, 2010

12/29 pre-open

Short futures crude and gold.  Long dollar futures.  No change to outlook.  Gold had an hourly close 1409.  Any higher hourly takes me out.
SP futures 30-minute M/A at 1254.50 with a break on a 30-minute close below 1248.25.  DJI critical support breaks below 11,394.  Both of these levels are moving up until touched.  I won't consider going short until these levels give way.

1 comment:

  1. DX is still correcting yesterday's 5 up. 80.445 is low in that correction so far, just above your 80.43 target.

    Looks to me like the correction unfolded as an ABC flat. The C wave may have just bottomed at 80.45, but there are lots of small overlapping waves on the 5 min chart which is not typical of C waves (they tend to be impulsive), so maybe the correction will continue evolve into a more complex pattern.