Market View, Wed. Oct. 11, 2017

With a reminder that we do not make offer personal financial advice, or recommend specific securities to buy or sell, here are a few notes about today’s Top-Down Day Trader market view:

Stock Market – the overall markets continue to be moving upward in general, although U.S. markets have been moving sideways in recent days. For day-trading most US market instruments, it’s a good time to WAIT for price to drop into the bottom of the current channel and then turn back up.

Crude Oil – crude is moving in an upward zig-zag pattern, although as of today’s market close it’s right in the middle of the recent channel. In the upcoming few days, it might be best to watch for a retracement toward its daily 8-day EMA. Watch for a bounce up off that line for entry.

Gold and Silver – there’s not a clear TDDT trend in the precious metals. They’ve been trending down, but have recently turned up. This could be a retracement, or it could be a reversal – it’s probably best to wait for clarity.

Forex Pairs

  • EUR/USD – it’s been in a sideways channel for the past couple months, recently dipped and has recovered near the middle of a 2-month price range. No clear TDDT indication.
  • USD/JPY – it appears to be in a tradable channel, although price could be breaking down. Most of the last 6 months the USD/JPY has been trading below current levels, so look to catch mid-term downward movements.
  • GBP/USD – again, there’s no clear trend, and it’s probably best to wait.
  • AUD/USD – moving downward for several weeks, now possibly consolidating. A short entry in the top area of daily price – on a short-term downturn – could be a nice play.
  • USD/CAD – moving upward for a few weeks, but downward for a few moths. It’s been holding steadily above its daily 30-EMA, and a long entry on short-term upturns near the 30-line could be a good trade.

The above are NOT trade recommendations, and are noted for informational purposes only. Thanks for reading and Happy Trading!