$ES_F, $GC_F, $6E_F, Bund charts

ES: closed at 1773 on the night before FOMC. Big news tomorrow. If there is no taper then level above on daily charts is 1798/1804 (old vpoc areas). Taper tantrum = lower to 1753/60. Price dropped there this week (overnight). Previous balance area.

December 4: 2013 Price probing down. A test of 1765 area may be on the cards. – we got that test this week. Buyers defending key levels with decent volume on pullbacks:

main_2013_atr

Above:

1788/92 was key – On March contract this is the line in sand for me – level on Dec is 1782/86

December contract

December contract

Next chart shows 1782/86. Above: VPOCs 1798/1806. Below: VPOC 1756, Microcomposite VA = 1745/60

1_ES_Volume_-_Total_vs_Median

Next chart shows weekly range. Above here is potential 1830/45 (or 55 etc)… else 1750 – 1700/20.

These are range extensions higher and lower using current monthly Hi-Lo and 1,3,6 mth ranges.

es_weekly_range_plain

Gold: so manipulated. Buyers of the double/triple/hobbling-along-the bottom. If this does not hold its more pain for Gold bugs. Volume looks to be declining. Bloomberg : “Gold Declines as Demand Dwindles for U.S. Inflation Hedge. Metals markets need to see some inflation before they can rally because they’ve lost their appeal as an inflation hedge”

GOLD_100_OZ

EURUSD: It moved up slower this time (unlike the ridiculous algo 150 pip move earlier this year that got hammered). It seems too many people Euro-haters were in the wrong side of that trade again.

My life improved a lot since I stopped to read Zerohedge. Scrolling through 6 pages to find a link I came across so much negativity. Betting against an up market because you want to see it burn is not a good investment philosophy, especially when you are getting killed buying gold.

Anyway, this is an interesting explanation for EURUSD strength. The New “Widowmaker” Trade, And The Reasons Behind It.

EuroLongTermBalance

Bund: tested inside are of negative development that it fell through. It is getting sold there but is managing to grind up. A bit like ES and Euro ?

Bund_Relative_Vol

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