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MARKET UPDATE - METALS, CURRENCIES, FINANCIALS


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MARKET UPDATE
JUDY CRAWFORD
TRADES FOR FRIDAY, OCTOBER 20, 2017
888-301-8120
jcrawford@zaner.com

EMOTION is your enemy more than any market will ever be.

WILL THE REAL TREND PLEASE STAND UP? All the currencies made a low on Oct 6 while the dollar made a high. It is interesting to note that once that low was made in the swiss, eurofx, yen, canadian and aussie, they have been attempting to get over their respective 10 & 20 avg. That is necessary in order to start a rally. Only the yen succeeded but then failed yesterday. An attempt to recover today failed too. Both the eurofx and the aussie finally succeeded in getting over those same averages today but will it last? The swiss and canadian cant even get that far. But are those currencies forming a bottom because at the same time not one has taken out that Oct 6 low either? At the same time the dollars attempt to get back over its 10 avg. has failed. And, likewise, is the dollar forming a top because it has yet to take out its Oct 6 high? Not one currency has followed through enough to show any direction either way. And whatever the end result will be will, no doubt, have an impact elsewhere too. In particular the metals because gold, in particular, is playing the same game: an Oct 6 low and attempt to get over its 10 & 20 avg. that has failed. But it is still holding that Oct 6 low. And the same for the financials. So what the ultimate direction of these key markets will be is still in limbo. And no one is talking.


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GOAL OF THE MARKET UPDATE: Everyone is busy and having the technical analysis done for you is helpful plus it is presented in a way that is educational too. What I convey to readers is not a personal opinion but what the markets are suggesting by their technical formations and action.

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TRADE SUGGESTIONS: All trades suggested are for the day session only. I do not enter trades for the night session. The purpose of the trade suggestions is to help traders establish the habit of having a complete trade organized prior to entry so that you can determine whether the "risk/reward" is warranted. Too many decide to enter a market and then figure out a protective stop "later." What that usually means is that a protective stop is never placed! The key to trading is to establish good trading habits and that is the first habit to develop.


METALS:

DEC COPPER: The potential for the recent rally was 330.00. It got to 325.95 on Monday and has sold off since. This should set up a buying opportunity. Watching closely to buy. Closed 316.75, down 1.05.

DEC GOLD: It is still stuck between its 100 avg. and its 10 & 20 avg. on its daily chart after getting trapped in them during Tuesdays selloff. It has a sell signal but the macd is now trying to turn up. Plus if formed a reversal bottom today on its daily chart after the selloff earlier this week. Its weekly chart continues to suggest the start of another rally but that 1300.00 level has been a force to reckon with. And it does keep holding support. Closed 1290.00, up 7.00.

DEC SILVER: Nothing has changed since Monday technically. It triggered a sell Tuesday and sold off to and held at the 20 & 100 avg. on its daily chart. They merge around 16.975. Its resistance long term around 17.500 on its monthly chart and its 200 avg. at 17.365 on its weekly chart has been a problem. Putting that aside, its weekly chart suggests it is trying to start another wave up, just like gold. But as I mentioned last time, silver needs to clear 17.600 to really get going. Closed 17.255, up .258.

DEC CRUDE OIL: Since Monday it has been trying to get over that 52.50 to 52.60 resistance level. That was the problem in September and is becoming one again. Today it sold off to support and held so whether it will finally get over that resistance on a closing basis is still in question. Technically it is starting to suggest a 1,2,3 top formation on the daily chart. If so, the selloff could have just started. Plus the value line has now come down to the average line on its daily chart.The last time it did that, it had a selloff that lasted almost two weeks. Best just to watch. Closed 51.51, down .75.

CURRENCIES & FINANCIALS:

DEC JAPANESE YEN: This is what makes the currencies tough to trade. On Friday it cleared its 10 & 20 avg. on its daily chart. It held that gain on Monday and Tuesday. (Now normally a market would start to follow through). So what happens? Yesterday it fell apart and now those averages are resistance again. It still suggests a bottom on its weekly chart but really hasnt gone anywhere. And now the weekly is triggering a sell this week. Just watching. Closed 88.98, up .18.

DEC SWISS FRANC: That gap down at 101.67 on its weekly chart is still there. It backed off this week but holding the 102.00 support. It still has that issue of the 200 avg. on its daily chart. And now that average has merged with the 20 avg. and that doesnt help either. Attempts to get over all three have continually failed. Just watching. Closed 102.76, up .40.

DEC DOLLAR INDEX: The dollars ability to get a rally going is becoming more difficult. The macd is negative and today it failed both the 10 & 20 avg. on its daily chart. In fact since it got over the 92.800 support on Sept 26 it has done nothing but attempt to go sideways. At the high end it has reached 93.800 and stopped. In fact this week it couldnt even get to 93.800 before selling off. And its failing the 200 avg. on its weekly chart again. Just watching. Closed 93.120, down .108.

DEC EUROFX: It has attempted to get over its 10 & 20 on its daily chart and finally pulled it off today. Plus it triggered a buy. But will it last considering the pattern in the other currencies that have done the same? Mixed signals long term. Closed 118.65, up .24.

DEC AUSSIE: It succeeded in getting over its 10 & 20 avg. today with a buy signal triggered from yesterdays inside day. Again, will it last? Just watching. Closed 78.57, up .15.

DEC CANADIAN: It is the only currency still struggling to get over both its 10 & 20 avg. on its daily chart. It has been stuck between 80.40 and 79.40. Just watching. Closed 80.11, down .15.

DEC S&P: It finally moved today by selling off under support. But it didnt last for long. It is right back up and near its current high. Closed

DEC 10 YEAR NOTES: They have attempted to get over their 10 & 20 avg. too but failed yesterday. They attempted again today and backed off. So their direction is still unclear too The monthly chart was starting to look constructive but its triggering a sell this month. Right now they are trying to hold support on that chart. Just watching. Closed 125.085, up .025.

DEC BOND: They got over their 10 & 20 avg. last Friday. So far selloffs have held them. But it seems their 200 avg. above the market has been a deal killer for any follow through rally. An attempt again today failed. Just watching. Closed 153.17, up .16.

Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources. Opinions are subject to change at any time and are a solicitation or recommendation to buy or sell futures contracts or options on futures contracts. The information contained in this message has been obtained from sources believed to be reliable but is not guaranteed as to its accuracy or completeness. All known news and events have already been factored into the price of the underlying commodities discussed.

Past performance is not indicative of future results. All suggested trades are based on technical signals/indicators and do not include slippage or cost. Not all trades suggested are taken. Results are based on what the signal indicates not necessarily an actual trade. Actual results may vary.

Futures, options and forex trading is speculative in nature and involves substantial risk of loss. These recommendations are a solicitation for entering into derivatives transactions. All known news and events have been factored into the price of the underlying derivatives discussed. From time to time persons affiliated with Zaner, or its associated companies, may have positions in recommended and other derivatives.



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Trading is not easy. The two major comments I hear from traders is the lack of basic information from their broker to help them trade and that their broker does not spend enough time with them. In my thirty years of working with traders, I have seen all the common patterns that lead to trading failure. So my goal is to help my clients understand what they are doing, give them the information they need and the time they require. Even experienced traders need this. My strongest asset to you is my willingness to help and my experience.

If you do not have time to follow the markets, I do that for you too. My free Market Update gives trading suggestions as well as the technical reasons why. Emailed for timely receipt, you know what is going on while I do the work for you. By becoming my client, you will soon enjoy the convenience and continuity of service that every trader deserves. Join me today!

Toll Free Number:  888-301-8120; 312-277-0133.  jcrawford@zaner.com

BACKGROUND ... Thirty years experience as a commodity broker has given me an insight into the needs of traders that only comes with experience. Originally from Minnesota, I started my career as a stockbroker in New York but moved to Chicago, the center for the commodity industry. I have found that no matter where a client lives in the world, all traders have the same needs.

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