A Glimmer That It Could Glitter
Tonight’s installment is
presented by Marc Dupee.
Gold has been marked down hard and has found support at
its 50-day moving average and at a key Fibonacci retracement. Look for a bounce
off support at these levels.
July copper
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PowerRating) has
sold off for four days. Although today’s NAPM shows we are still in a
manufacturing recession, look for a same-day Turtle Soup Buy reversal Monday at
the May 16, 74.75 low and a bounce up into the 76.50 area.
The euro FX futures
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one-year low with the low-tick of the day coinciding with a year-long down
trending channel. Look for the currency to test and trade back up into the gap
left from May 30.
Yesterday’s outside day bar and follow through today out
of the Canadian dollar’s(
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PowerRating).
The
Japanese yen
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expansion bars and a visible up trend off the April 2 low. Look for long entry
on a pullback setup here and for strong support at .8340.
As mentioned in the Futures Market Recap, the grains may be putting in a bottom, having exhibited signs that they could come off lows. Corn
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PowerRating), wheat
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soybeans
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PowerRating) all gapped higher, a collective sign that the
bottom may be in place. Also, corn lodged back-to-back expansion bars and lapped
open its second straight day, very constructive. Two days ago, corn also had a
Turtle Soup Plus One Buy signal and left a tail at the contract low, a sign of
buyers stepping in at the low. (Corn finished up 6 at 198 3/4).