In the span of two days it looks like everything went from one extreme to another – from over-sold to over-bought or vice-versa. Even the ones that are not quite at over-sold/over-bought areas are quite close and probably only need another day or two to get there.
A few days ago I mentioned that currencies seem to have made a short-term climactic move. I think that might have been the same for other markets as well.
- GC: This is flushing and if it gets to the 1480-1500 area (basis CME Dec) it’ll be a buy.
- SI: On a 5 SMA Buy but it might not play out until Monday or Tuesday. Had a little buy climax a couple of days ago.
- HG: Overbought at resistance – short scalp only though.
- ZB: Buy zone comes in with a push lower.
- ZW: Two days up in a daily down-trend – might be a short scalp.
- LH: Overbought, short
- NG: Overbought at resistance
- EMD/ES/NQ/YM/NK/FDAX/FESX: All the equity markets broke out of a 4 week consolidation range and zoomed higher towards the next resistance level.
- CD: Short bias
- BP: Short around 1.24
- JY: Breakdown from range – short bias.
- NE1: Grail save above. 5 SMA Sale also in play. I think this is scalp only – might have had sell climax a couple of days ago after a massive extended run.
- MP1: Overbought, hammer candlestick at upper end of range. Short bias
- PL: After a wicked run, this is reversing at the 200 week EMA/SMA. If it closes the week out here, it will have left a nasty little topping candlestick on the weekly charts.
- PA: This might have daily sell divergences.
- FBGL: Breakdown from range but now oversold. Maybe a long scalp?
- BR: Grail sale
- NOK: Grail sale