Market View, Sun. Dec. 10, 2017

It’s Sunday, December 10, 2017, and 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 daily channel and then turn back up.

Crude Oil – crude has been moving upward for a couple months now. It’s currently off its one-year high of about 10 days ago. Price remains above the 30-EMA on a “continuous” chart (rolling contracts) – but price is right about where it was a month ago. There’s no real prevailing trend, and oil is consolidating. There’s no good tradable pattern from a Top-Down perspective except channel returns.

Gold and Silver – after about 6 weeks of moving sideways, the precious metals have been dropping for the last 8 – 10 sessions. Silver is near one-year support, gold has a ways to go before it gets there. Looking for opportunities to SHORT gold and silver could pay well – but beware of support levels.

Forex Pairs

  • EUR/USD – it’s been moving in shallow waves the past few months, and right now price is in a SQUEEZE between flat 30-EMA and 100-EMA lines. No clear TDDT indication.
  • USD/JPY – moving upward, and just 2 days ago broke free above its 30-EMA. Look for good LONG entries, with a couple caveats. #1 – as we write this, price is STRETCHED at the top edge of a steep sloping channel. It might be prudent to wait until price drops into the buy zone then reverses back up in long-term direction. #2 – beware of topside resistance from the channel top of about 4-6 weeks ago.
  • GBP/USD – consolidating after an upward move. The last few daily price bars have been “flat and skewered” on the 8-EMA; long entries on market turns near the daily 30-EMA could be profitable.
  • AUD/USD – trending downward the past few days, but possibly forming support around 0.75. From a TDDT perspective, price looks squeezed between 0.75 and the descending daily 30-EMA – but that’s a nice big squeeze. Look for entries on short-term turns in those zones.
  • USD/CAD – trading in a volatile channel between about 1.27 and 1.29. Channel return entries near those boundaries could be good plays.

Disclaimer: the above are not trade recommendations, and are noted for informational purposes only. We do not offer personal financial advice, nor do we recommend buying or selling any specific securities. The content of TopDownDayTrader is offered free of charge. Thanks for reading and Happy Trading!