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Trading Homework for Trade-date Wednesday August 6th 2019

Major moves in many of the markets yesterday (Tuesday). Silver finally broke out and gold ran up 20+ points. Bonds spiked up and closed lower. Other markets ran into key support or resistance levels.

These moves feel like they’ve run their course for now so its likely going be small scalp trades the rest of the week. Its going to take some time for the excess to be worked off.

Bonds in particular seem like its done for now with that massive candlestick topping tail.

One particular thing that seemed noteworthy – copper was relatively strong all day compared to equities. Even when equities were down, copper was sometimes up on the day. This was likely a canary in the coal mine since equities ultimately ended up rallying on the day…

Commentary

  • GC: z-day
  • SI: z-day
  • HG: Testing its breakdown level and has two days up. Possibly short any further push up?
  • ZB: Massive candlestick topping tail. Likely to be large 2-day trading for now.
  • ZC: 5 SMA Sale
  • ZS: Negative consolidation
  • LC: Likely hit support levels today
  • LH: 3 day triangle; inside day.
  • CL: Flushed into prior swing low and then closed above it. Is that rejection or a taste of things to come?
  • HO: Same thing.
  • EMD: 2 days up (just like all the other US equity indices.)
  • ES/NQ/YM: 2 days up.
  • FDAX: resting right on its WEEKLY 200 period ema. If this gives, look out below.
  • EC: Short another push up to its upper descending channel trendline.
  • CD: Candlestick hammer into support.
  • BP: Negative consolidation
  • NE1: Broke support and flushed in a major fashion before rallying a bit into its close. Feels like rallies need to be shorted now.
  • MP1: Feels like somewhere around here should be bought.
  • BTC: Once again spiked above its bull-flag trend-line. Looks like its closing above it. Inside day.
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