YM, NQ, and CL analysis for Jan 11
Posted 01-13-2008 at 10:21 PM by james_gsx
Hopefully everyone had a good weekend and enjoyed the good football games. When I glanced through the news only one thing really stuck out at me. Retail sales probably stalled in December which doesn’t surprise me, but could cause further sell off in the markets this week. The Retail Sales report is at 8:15am ET Monday morning and that could have a big impact on the market. One could also say that news is already priced in, that wouldn’t come as a shock either after the recent sell off.
The YM has found support at 12,600, and there appears to be a lot of buying in those areas. Those who have been trading have noticed price reaches those lows then tends to rally. This could be a sign that longer term buyers are present or that the market simply isn’t ready to move that low. For now I will keep a bullish stance on the YM UNTIL that level is broken.
One of the main reasons I remain bullish on the YM is because of the banking sector. The banking sector currently has a big impact on the rest of the market. The sector found support last week and thus found plenty of buyers. I think we could see a bounce to $90 from here. I also wouldn’t be surprised for price to retrace through that wick and possibly retest the support. Overall, I am bullish on this sector.
The NQ continues to find support above 1900. As I have stated in the past my target remains at 1850 but I wouldn’t be surprised to see price test resistance at 2,000 before heading back to 1850.
Now onto my favorite market this far, CL. Last week the $95 support area was broken and we haven’t seen a single bullish candle since the spinning top at $100. There has also been a surge in volume during the sell off compared to a drop in volume during the rally. This is very bearish in my opinion. New resistance is at $95 and my target is now $90.
That’s it for today, good trading and let me know if you have any questions or concerns. Thanks.
The YM has found support at 12,600, and there appears to be a lot of buying in those areas. Those who have been trading have noticed price reaches those lows then tends to rally. This could be a sign that longer term buyers are present or that the market simply isn’t ready to move that low. For now I will keep a bullish stance on the YM UNTIL that level is broken.
One of the main reasons I remain bullish on the YM is because of the banking sector. The banking sector currently has a big impact on the rest of the market. The sector found support last week and thus found plenty of buyers. I think we could see a bounce to $90 from here. I also wouldn’t be surprised for price to retrace through that wick and possibly retest the support. Overall, I am bullish on this sector.
The NQ continues to find support above 1900. As I have stated in the past my target remains at 1850 but I wouldn’t be surprised to see price test resistance at 2,000 before heading back to 1850.
Now onto my favorite market this far, CL. Last week the $95 support area was broken and we haven’t seen a single bullish candle since the spinning top at $100. There has also been a surge in volume during the sell off compared to a drop in volume during the rally. This is very bearish in my opinion. New resistance is at $95 and my target is now $90.
That’s it for today, good trading and let me know if you have any questions or concerns. Thanks.
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