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Trading Homwork for Trade-date Tuesday August 13th 2019

All the equity indices now have 2 days down, some of which entered into a “pocket” support area. Additionally almost all the agricultural products had large down days – corn, wheat, coffee, cotton, live-cattle etc. Every whiff of US-CHINA trade news is continuing to trigger large volatile moves in these markets. We really have to be careful out there….

Commentary

  • GC: Pushed to new highs yesterday and backed off so likely still consolidating on the daily charts.
  • Silver: Also likely forming daily consolidation range
  • HG: Likely forming bear flag
  • ZB: z-day
  • ZC: Limit down!
  • LC: Also Limit down! Few got a chance to get out yesterday since the first tick was limit-down and it stayed that way all day – ouch.
  • CL: Still inside large daily range
  • EMD: 2-days down
  • ES/YM/NQ/NK/FDAX/FESX: 2 days down
  • EC: In hourly channel. Probably best to short on break of this.
  • BP: Likely forming daily buy divergences now.
  • JY: Likely forming daily sell divergences now
  • PA: Tight daily triangle – if it doesn’t break one way or another today, it’ll likely morph into a larger consolidation pattern.
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