For Friday Dec 2nd, I’d written “Emini S&P negative candle yesterday is a short term warning in overbought conditions. This increases the chances of some profit taking in to the end of the week… the downside likely to be limited but further losses target quite good support at 2182~81”. We hit 2179 at the Globex open today – 2 points below the forecasted number.
Today’s Analysis (ES) – 5th Dec 2016 Updated at 11.14 pm on 4thDec, 2016
Holding initial support at 2199~98 targets 2203~04 then the new all-time high at 2213~14. A break above 2216 targets 2219~20 then 2224~25.
Emini S&P has hit 2182~2181 as I write with a low at 2179 but the best support for today at 2172~2170. Althouh this is the short-side forecast, I’d be trying longs with stops below 2165 right about here. A break lower however tests the 100-day MA support at 2159~2157.
Levels to watch: R3= 2201.25 | R2=2196.75 | R1= 2193.75 || S1= 2188.25 | S2=2185.50 |S3=2179.00
I’d written for Gold on Fri 12/2/16: Holding below 1171 is more negative and targets 1168
Today’s Analysis (GC) – 5th Dec 2016 Updated at 11.14 pm on 4thDec, 2016
Gold has minor resistance at 1177/78. Above 1180 signals further gains to 1188/89 & the best chance of a high for the day, as stated on Friday. In fact we have topped this morning at exactly this level. Shorts need stops above 1192. A break higher is positive therefore targeting 1195, 1197/98 & an excellent selling opportunity at 1203/05.
For the downside, Holding below 1177 is more negative & below 1171 should increase pressure to the downside. We target 1168, 1164/63 then the 1161/60 low. This is not a support & further losses this week target 1157 then 1147/46.
Levels to watch: R3= 1180.1 | R2=1177.6 | R1= 1174.6 || S1= 1173.0 | S2=1171.4 |S3=1168.9