Basically, the daily chart is looking at a potential (possible but weak case) bounce day. The past three days indicate increasing volatility breakdown. and I am expecting a burst downside by next week Wednesday. Otherwise, all bets are off.
30min chart (right) is showing a second test of the 200MA. MACD indicators are not encouraging for a bull case, but it would also depend on CPI data in 30 mins time. This level is also resistance level as well as a Fibo retracement level. Am expecting downside.... otherwise, a relook is in order.
Quick nips...
On the Gold charts, a bounce is due.
On USD futures, a retracement is due.
Today is options expiry day!
Have a great weekend ahead!
The MadScientist
16 December 2011
Note: ALL material posted here is from my personal opinion, and my opinion may differ or change without notice. These do NOT constitute as solicitation, investment nor financial advice. By reading the materials presented here, Readers acknowledge the awareness that the materials are intended for educational purposes only. For investment(s) advice, related decisions and/or actions pertaining to investments, always consult your own qualified financial advisors, brokers, etc.
Charts are from TD Ameritrade Thinkorswim platform
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